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Magazines Archives - 2008 March
LG, GE in agreement to share
patents for home appliances
Story 7
SOUTH KOREAN conglomerate LG
Electronics has entered into a crosslicensing agreement with GE
Consumer & Industrial which will allow both companies to use
each other’s patents for
refrigerators and cooking appliances without paying licensing
fees.
“We believe that this ... arrangement with GE will enhance our
ability to deliver winning products and move us further towards
... becoming one of the top global brands in consumer
electronics and home appliances,” said LG Electronics Digital
Appliance Company president and CEO Young Ha Lee.
“Our long history of working with GE will help us take advantage
of this agreement even more quickly,” said Lynn S Pendergrass,
president and CEO, GE Consumer & Industrial, Americas,
calling it “part of a win-win strategy” for both parties. “We
expect the synergies resulting from the strong relationship
between our two companies will contribute substantially to the
success of
both GE and LG.”
The collaboration between the two on
technologies and product development for cooking appliances dates back to
1999.
The latest agreement will help LG’s push to
expand its presence in digital appliances globally. The company currently
sells its products in North America through retailers The Home Depot,
Sears and Best Buy.
In 2000, LG partnered Matsushita’s air-conditioning division to build its
technology and customer base, followed in 2001 by an alliance with
Microsoft and Intel on home-networking. |
