LG aims to top European appliance market with smart fridges, washers

Consumer electronics giant LG Electronics Inc. said Friday it plans to take a top position in Europe's home appliance market with Internet-connected, automatically controlled refrigerators and washing machines. Lee Young-ha, the president of LG's digital appliance business, said that in four years, the company will edge out European brands and become the No. 1 household appliance supplier on the continent. "We will raise our share by revenue in the fridge market to 12.5 percent and in the washer market to 13 percent in 2015 to become No. 1 in the two most important home appliances," Lee said in a statement. His announcement was made in Berlin during Europe's largest consumer electronics fair. LG said it currently accounts for about 8 percent of Europe's refrigerator sales and at least 6 percent of the continent's washing machine sales. The home appliance market in Europe is crowded with multiple local brands like Electrolux AB, Miele & Cie. KG and Siemens AG, as well as Asian brands like LG and Samsung Electronics Co. LG said it will introduce a new brand called "Smart ThinQ" in Europe, referring to the technology applied to its Internet-connected premium home appliances. The Korean firm said its refrigerators and washers can upgrade new functions by downloading programs wirelessly. They can also detect and solve malfunctions through smartphones. The company also aims to target Europe with energy-efficient household appliances that save power during peak times of electricity use and operate during off-peak hours. LG said it added new production lines at its factory in Poland to ramp up fridge and washer production. It is scheduled to spend US$34 million through 2015 to expand production in Poland, which LG expects will cut production costs.