LG, Hitach Establish Joint Venture Company For Water Treatment Business

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LG Electronics Inc. KOSPI 066570

Jul. 11, 2011 09:02

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SEOUL--(Korea Newswire)--LG Electronics (LG) and Hitachi Plant Technologies, Ltd. (Hitachi Plant Technologies) have agreed to establish and operate a joint venture water treatment company. The new company, LG-Hitachi Water Solutions Co., Ltd., will be based in Seoul and is expected to become an industry leader in the rapidly growing wa-ter treatment industry.

Scheduled to begin operation this October, LG-Hitachi Water Solutions will focus on municipal water supply systems, municipal sewage treatment systems, industrial water supply systems, industrial wastewater treatment systems and reuse and recycling of wastewater for local companies and governments. Specifically, LG-Hitachi Water Solu-tions will be offering to Korean and global clients its expertise in executing water pro-jects in relation to engineering, procurement and construction (EPC), manufacturing of pre-engineered systems and the operation and maintenance of pre-built water facilities.

By combining LG’s strength in manufacturing and technology with Hitachi Plant Tech-nologies’ advanced R&D and expertise in water-related industries, LG-Hitachi Water Solutions is well positioned for a strong entrance into the Korean and global market.

LG and Hitachi Plant Technologies will hold 51 percent and 49 percent of equity inter-est in LG-Hitachi Water Solutions, respectively. LG will appoint the Chief Executive Officer of the new company while the role of Chief Operating Officer will be deter-mined by Hitachi Plant Technologies.

Website: http://www.lge.co.kr