Mar 14 2007 |
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LG to Produce Handsets
SEOUL, South Korea: South Korea's LG Electronics Inc. said Wednesday it will soon manufacture mobile handsets in Iran along with an Iranian firm in a bid to tap the Middle Eastern market, Yonhap reported.LG Electronics , the world's fifth-largest handset maker, said it has been preparing its production line there, which will churn out around 1 million units annually. The plant will be run in cooperation with Maadiran Group , a local tech company. it added.
"We have been seeking local production of handsets in the Iranian market to avoid relatively high tariff barriers there,'' said Lee Hyung-geun, a spokesman of LG Electronics . ``The models to be made will likely be premium-level products."
Lee said production will start during the first half of the year but he declined to elaborate on details including the location of the plant.
LG wants to be more competitive in the Middle East market, and the company plans to export the handsets to other countries in the region. In addition, by manufacturing in Iran, LG can avoid Iran's steep tax on imported handsets.
LG Electronics , South Korea's leading home appliance producer, manufactures an array of products including air conditioners, refrigerators, and flat-screen televisions. The company has subsidiaries in Morocco, the United Arab Emirates and Egypt. It also makes air conditioners in Turkey and TV tuners and components in Egypt.
Middle East sales accounted for about 3 percent of LG Electronics ' global revenues of $38.6 billion in 2006.
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