LG AND HITACHI NAME EXECUTIVES TO LEAD JOINT VENTURE WATER TREATMENT BUSINESS

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LG Electronics Inc. KOSPI 066570

Jan. 31, 2012 11:04

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SEOUL--(Korea Newswire)--LG Electronics (LG) and Hitachi Plant Technologies, Ltd. named two senior executives to run its joint venture water treatment company, scheduled to begin operation on February 1, 2012. The two companies named Young-ha Lee Chief Executive Officer and Hidenao Kawai Chief Operating Officer for the new joint venture. The new company, LG-Hitachi Water Solutions Co., Ltd., will be based in Seoul and is expected to play a significant role in the rapidly growing water treatment industry.

“Human use of water has increased more than 30-fold over the past three centuries but less than 1 percent of the world’s fresh water is readily accessible for human use,” said Young-ha Lee, CEO of LG-Hitachi Water Solutions Co., Ltd. “LG and the Hitachi – two of the most diversified companies in the world - will combine their resources to developing innovative solutions for the world’s water problems.”

By combining LG’s strength in manufacturing and technology with Hitachi Plant Technologies’ 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. The company will initially focus on manufacturing and sales of water treatment equipment, EPC for water treatment systems and O&M for water treatment facilities, centered mainly on wastewater treatment facilities and drinking water and sewage treatment facilities and research and development of water treatment technology.

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