What to know about LG, the company ‘really interested’ in coming to the metro-east
As Granite City residents prepare for a pending plan to end steel production in the city, which will cost the area nearly 1,000 jobs, officials are making contingency plans.
One such plan is to work toward bringing new businesses to Granite City, and U.S. Sen. Tammy Duckworth, D-Ill., said in a press conference Monday she has spoken with global appliance company LG Corp. about establishing itself in the region.
“I recently was in Taiwan and South Korea where I had conversations with Samsung and LG and S.K. and one of those organizations, LG, has been really interested in coming to Illinois, especially this part of Illinois, because of our proximity to the Mississippi and the availability of sending goods and services down the Mississippi, where they like the fact that Illinois can be carbon neutral in terms of the energy that we have,” Duckworth said.
But what is LG and what companies does it own? Here’s what to know about the conglomerate.
What is LG?
LG Electronics was founded in 1958 under the name “Gold Star,” and is based in South Korea. Its four companies are Home Appliance & Air Solution, Home Entertainment, Business Solutions and Vehicle component Solutions.
The conglomerate’s global sales exceeded $63 billion in U.S. dollars in 2021, according to LG’s website, and its international workforce includes more than 75,000 people.
LG currently has six operations in the U.S., including locations in Pennsylvania, California, Alabama, two in New Jersey and a research and development facility in Lincolnshire, Ill. The Illinois location is in Cook County and it’s called Zenith Electronics LLC.
Job openings for LG are also currently posted in Buffalo Grove, Ill., Minnesota, Tennessee and other U.S. locations.
As far as North American operations go, LG has additional local subsidiaries in Mexico and Canada. The conglomerate also functions in several countries in Central and South America, Africa, China and Europe.
LG produces a wide array of products, including washers and dryers, refrigerators, ear buds, TVs, air purifiers and more.
Who are LG’s executives?
Here are the members of LG’s Board of Directors, from the company’s website.
- William Cho (CEO of LG Electronics; executive director; management committee; environmental, social and governance committee)
- Doo Yong Bae (CFO of LG Electronics; executive director; management committee; internal transaction committee)
- Bong Seok Kwon (Vice chairman of LG Corp.; chairman of board of directors; non-executive director; management committee; independent director candidate recommendation committee)
- Yong Ho Baek (Honorary professor at Ewha Womans University; independent director; audit committee; ESG committee)
- Sang Goo Lee (Professor at Seoul National University; independent director; independent director candidate recommendation committee; audit committee; ESG committee; internal transaction committee)
- Soo Jin Kang (Professor at Korea University School of Law; independent director; internal transaction committee; audit committee; independent director candidate recommendation committee; ESG committee)
- Choong Yuel Yoo (Professor at Korea Advanced Institute of Science & Technology; independent director; audit committee; ESG committee; internal transaction committee)
This story may be updated.
This story was originally published August 23, 2022 at 11:37 AM.
