LG leaps into wastewater treatment
Company wants to generate $7bn by 2020, invest $400m.
LG Electronics (LG) announced on Tuesday that it will enter the water treatment market LG will invest more than US$400 million over the next decade with the goal of generating $7 billion in revenue by 2020, and hopes to become a top 10 global water treatment company.
Much of the investment will go toward acquiring the right technology and building up research and development in this field.
“The water business has been growing by an annual rate of 15 percent so there’s an incentive for companies to invest in finding solutions,” said H.S. Paik, president of LG Electronics Gulf.
LG will concentrate its R&D on developing an advanced membrane filtration system, its core technology and key component of water treatment solutions.
LG will also expand its internal capabilities with the additional hiring of membrane filtration experts and process engineers. The company will also be pursuing various types of partnerships, mergers and acquisitions as part of its strategy to expand quickly.
LG will begin with industrial water treatment and expand its coverage into sewage and drinking water treatment. The company eventually plans to enter the business of water treatment engineering and procurement as well as operation and maintenance across the municipal sector.