LG STRENGTHENS BONDS WITH SUPPLIERS AT THIRD GLOBAL SUPPLIER’S DAY Tweet

SEOUL – LG Electronics (LG), a global leader and technology innovator in consumer electronics, met with over 350 supplier companies from inside and outside Korea at the third Global Supplier’s Day held in Seoul. This annual event allows LG to forge closer relationships with its global partners and helps shore up the competitiveness of all companies involved through the innovation derived from global cooperation.

With the event focusing mainly on open innovation – LG executives met with more than 1,000 representatives from suppliers around the world. Among the speakers at the event was Derek Lidow, CEO of iSuppli, who delivered a compelling address called “Where the Wild Things Are: Innovation in the Electronics Jungle” which stressed the ongoing importance of innovation at electronics companies.

Hosted by Thomas Linton, Executive Vice president and Chief Procurement Officer (CPO), the Global Supplier’s Day was attended by LG Electronics CEO Yong Nam, the heads of LG Electronics’ five business units, as well the CEO or Senior Executives of major suppliers such as Microsoft, Qualcomm, Hynix, Sanyo and Toshiba Semiconductor.

“We had great achievement last year because of our supplier’s contribution. However, we are now facing big challenges this year.” said LG CEO Yong Nam. “We’d like to innovate together and also we’d like to work together to have a sustainable relationship going forward.”

Linton took the opportunity to show the attendees a new official website aimed at fostering collaborative innovation between LG and its suppliers. In addition, he introduced everyone to LG’s new Global Procurement Policy, published in January of this year, and the company’s Green Initiatives, which aim to promote sustainable growth and save energy throughout a product’s entire life cycle.

Showing their more charitable side, LG and its partner companies took part in an auction of memorabilia from the event, with all proceeds going to Good Neighbors International, a Korea-based humanitarian NGO. And LG’s most esteemed suppliers received one of 14 awards, including Hynix Semiconductor, which received the top global supplier award for its invaluable contribution.

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