LG To Pay 600 Billion Won in Accounts Payable to Partners Up to Two Weeks Early for Lunar New Year

Early Payments by Eight Major Affiliates... "For Win-Win Growth with Partners"
Operating Financial Support Programs and Technology Support Systems for Small and Medium-Sized Partners

Ahead of the Lunar New Year holidays, LG will make early payments of accounts payable to its partner companies and carry out community-sharing activities as well as technology support for small and medium-sized suppliers.

On the 9th, LG announced that it will pay approximately 600 billion won in accounts payable to suppliers up to two weeks earlier than scheduled to ease their funding difficulties.

LG Electronics and other major LG affiliates are carrying out cooperative activities with small and medium-sized suppliers and local communities for the Lunar New Year. Yonhap News

Eight LG affiliates will participate in the early payment initiative: LG Electronics, LG Innotek, LG Chem, LG Energy Solution, LG Household & Health Care, LG Uplus, LG CNS, and D&O.

LG affiliates are operating financial support programs such as Mutual Growth Cooperation Funds, mutual growth payment schemes, and direct lending, so that partner companies can raise funds through interest-free or low-interest loans. They are also supporting technology development, which is the core competitiveness of small and medium-sized materials, parts, and equipment suppliers.

LG Electronics operates a Mutual Growth Cooperation Fund worth 300 billion won to provide low-interest loans to partner companies that need operating capital. It also offers 40 billion won every year in interest-free funding for partners' investments in new facilities and automation equipment, helping them secure technological competitiveness.

LG Uplus is providing financial support, including a Mutual Growth Cooperation Fund worth 75 billion won. To assist technology development for small and medium-sized partners with insufficient infrastructure, it offers infrastructure such as the "NW (Network) Equipment Testbed" and the "IoT Certification Center," providing space and equipment.

An LG official said, "We hope that early payment of accounts payable will provide substantial help to our partner companies and have a positive impact on revitalizing the local economy," adding, "LG will continue to pursue mutual growth by preparing various support programs to help partners burdened by higher financing costs and by supporting their technology development."

To mark the Lunar New Year holidays, LG also plans to carry out various mutual growth activities, such as revitalizing the local economies around its business sites and supporting vulnerable groups in local communities.

LG Display will provide coal briquettes and daily necessities to neighbors living near its plants in Paju, Gyeonggi Province, and Gumi, North Gyeongsang Province, and will visit welfare facilities with which it has formed partnerships to carry out volunteer work.

LG Chem plans to donate coal briquettes and daily necessities to villages adjacent to its plants in Yeosu, Cheongju, and Daesan. LG HelloVision, together with the Korean Red Cross, will deliver "Sharing of Hearts Packages" containing local specialty products to vulnerable groups in Haenam County, South Jeolla Province, using proceeds from a local-channel commerce special promotion.

LG Energy Solution will participate in volunteer activities for low-income residents living near its plants in Daejeon and Ochang, and will support children from vulnerable groups in local communities through donation activities such as operating the "Ensol Touch" donation kiosks within its plants.

LG Household & Health Care will donate its cosmetics, beverages, and household goods to institutions for female adolescents nationwide, and LG Uplus will also donate 100 gift sets prepared by its employees to the Hooam Community Center in Jung-gu, Seoul, for delivery to vulnerable households in the area in celebration of the Lunar New Year.

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