LG Electronics states aim to dominate appliances market

LG Electronics wants to increase its sales of electrical appliances in Europe by 10% a year over the next few years with the aim of becoming the largest producer of washing machines and refrigerators by 2012.

As the world's second biggest maker of television sets and third largest manufacturer of mobile phones, LG now wants to take on the likes of Electrolux and Whirlpool for the kitchen appliance market.

The Korean manufacturer currently has a 7% share of the European refrigerator market and around 4% of the washing machine market, both of which it wants to increase to 10% over the next four years.

Lee Young-ha, chief executive of LG's appliance division, said he was optimistic that the company would do well for the rest of this year despite the recent strengthening of the Korean won.

He told delegates at Europe's biggest consumer electronics show in Berlin: "I can see signals that the global economy is recovering and I don't see any sharp decline, although benefits from the weakness of the won are decreasing."