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LG ELECTRONICS SIGNS US$370 MLN DEAL WITH VOLKSWAGEN

SEOUL, Oct 26, 2009 (AsiaPulse via COMTEX) --

Companies: LG Electronics Inc. (LGEPF), Volkswagen AG (VLKAY)

LG Electronics (KSE:066570), the world's No. 2 flat-screen TV maker, said Sunday it has signed a deal with Volkswagen Group to supply car audio systems for new automobiles by Europe's largest automaker.

LG Electronics, also the world's No. 3 mobile handset maker, plans to provide audio parts worth 430 billion won (US$370 million) to the German carmaker from 2012 to 2018, the South Korean company said in a statement.

LG has been working with Volkswagen since 2007 in the car audio system area. Under the new deal, LG's car audio equipment will be installed in new Volkswagen models being released in 2012, the company said.

(Yonhap) bl

Copyright (C) 2009 Asia Pulse. All rights reserved

News Provided by COMTEX

Companies: LG Electronics Inc. (LGEPF), Volkswagen AG (VLKAY)


Related terms: europe, tv

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