LG Electronics opens new home appliance plant in Brazil
Quick Look
LG Electronics has started operations at its second home appliance plant in Parana, Brazil, aiming to boost production capacity, target the South American market, and serve as an export hub.
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Why It Matters
Brazil is the world's 11th-largest economy and a key market for LG Electronics.
SEOUL, Aug. 16 (Yonhap) -- LG Electronics Inc., a major home appliance maker in South Korea, said Sunday it has started the operations of a new home appliance plant in Brazil to tap deeper into the South American region.
Brazil has long been a key market for LG Electronics as the world's 11th-largest economy, where purchasing power among lower-income households has risen alongside government-support programs.
The new manufacturing facility in Parana in southern Brazil, LG Electronics' second one, started operations last week. The facility has an annual capacity of building 600,000 refrigerators.
Combined with its existing facility in Amazonas, LG's annual local production capacity for appliances is projected to top 7 million units.
LG Electronics said the new plant will focus on premium and localized appliances to boost cost competitiveness amid rising local demand, while also serving as an export hub for neighboring countries.
Open Questions
- What is the total financial investment for the new plant?
