LG Electronics to expand robotics business via M&A deals

Jang Ik-hwan, head of BS Division at LG Electronics [Courtesy of LG Electronics]

LG Electronics revealed plans to boost its robotics business via mergers and acquisitions, signaling a strategic move towards the growing field of robotics. Jang Ik-hwan, head of BS Division at LG Electronics, made the announcement on January 11th, 2024 (local time) at a press conference held during CES in Las Vegas.

During the press conference, Jang said that the company had identified the robotics business as a potential candidate for M&A deals, with the focus on robotics’ delivery and logistics aspects.

This announcement aligns with the statement made a day earlier by CEO Cho Joo-wan, who expressed the company’s intention to explore the possibilities for equity investment or M&A deals within the next five years.

LG Electronics has been actively expanding its robotics business since opening its Robotics Business Center in 2018. The company further intensified its efforts by transferring the business to the BS Division in 2020 and establishing a dedicated overseas sales organization in 2022, while also creating a company-in-company (CIC) under the BS division in 2023.

The LG Business Innovation Center (BIC), located in Los Angeles, serves as a hub for LG Electronics’ business-to-business (B2B) solutions and is instrumental in showcasing the company’s B2B products and solutions to customers before their official release. Beyond Los Angeles, LG Electronics provides opportunities to experience B2B products in Washington DC, Chicago, Atlanta, and New Jersey among other locations.