The announcement was made after a visit by LG CEO Jo Seong-jin to its headquarters in Wieselburg on Wednesday. The CEO welcomed the Austrian company as a new LG affiliate and encouraged around 2,000 executives and employees at a ceremony.
“ZKW will be major part of a great journey,” Jo said. “Wieselburg is a crucial hub for that great journey.”
|New ZKW logo (LG Electronics)|
Jo was accompanied by Lee Woo-jong, head of LG’s vehicle component business and 10 other executives to check out the company’s production lines.
ZKW CEO Oliver Schubert said the company would make a new history of success based on fairness and trust together with LG.
Established in 1938, ZKW produces matrix light-emitting diode headlamps, laser headlights and intelligent lighting solutions that display high-resolution information and warnings on roads and highways.
|LG Electronics CEO Jo Seong-jin looks at a ZKW product at a production line in Wieseburg, Austria, on Wednesday. (LG Electronics)|
It has a client list of renowned global auto companies including Porsche, BMW, Mercedes-Benz, Audi, Volkswagen, Volvo and Ford. Last year, its sales reached 1.2 billion euros ($1.46 billion).
LG Electronics acquired a 70 percent stake in the company for about 1 trillion won in April.
By Song Su-hyun (firstname.lastname@example.org)