LG Electronics Awards 600 Million KRW to Top Partners for Enhanced Productivity

LG Electronics selected 12 companies that carried out innovative activities such as production line automation this year as 'LG Electronics Excellent Partners' and awarded each with a prize of 50 million KRW. Han Dong-kwon, CEO of Mirae Korea Co., Ltd., selected as an LG Electronics Excellent Partner, is holding a plaque and posing for a commemorative photo at the Cheonan factory.

[Asia Economy Reporter Changhwan Lee] LG Electronics announced on the 2nd that it selected and rewarded outstanding partners who contributed to enhancing product competitiveness by improving productivity.

Recently, LG Electronics selected 12 companies that carried out innovative activities such as production line automation this year as ‘LG Electronics Best Supplier Award’ recipients and awarded each with a prize of 50 million KRW. The total prize money amounts to 600 million KRW.

Since last year, LG Electronics has established a 2 billion KRW ‘Win-Win Performance Sharing’ fund to encourage partner-led innovation activities and to foster a culture of sharing win-win achievements, providing rewards to partners who have delivered excellent results.

Every year at the end of the year, representatives from LG Electronics and partner companies gathered in one place to hold workshops and share innovation achievements, but this year, considering social distancing, the event was not held.

Instead, letters were recently sent to major partners to express gratitude for their hard work throughout the year. The letters included cases of innovative activities by outstanding partners and tasks planned for the next year.

Additionally, LG Electronics gifted thermal imaging cameras to about 100 major partners to facilitate convenient temperature measurement when entering business sites as a way to encourage partners.

LG Electronics views partner productivity as the foundation of mutual growth and has supported about 60 partners annually since 2018 to enhance manufacturing competitiveness by automating production lines and applying digital technologies to production processes. This year, about 100 partners, including first- and second-tier suppliers, are being supported to build smart factory solutions and automation systems using artificial intelligence, big data, and other technologies.

When partners automate production lines, productivity increases compared to before, enabling quick response to demand and increased production volume. Also, applying digital technology to production processes allows for early prediction of defects, improving quality and reducing production costs.

Si-yong Lee, Head of Purchasing/SCM Management Center at LG Electronics, said, “The smart factory construction and digital transformation of partners have enhanced component competitiveness,” adding, “Through this, the virtuous cycle partnership that strengthens LG Electronics’ business competitiveness is becoming more solid.”

This content was produced with the assistance of AI translation services.