LG and GE To Collaborate On Products
LG Electronics has signed a cross licensing agreement with GE Consumer & Industrial, a manufacturer of major appliance, lighting and integrated industrial equipment, systems and services. The agreement allows LG and GE to use each other’s patents for refrigerators and cooking appliances without paying licensing fees.
“We believe that this licensing arrangement with GE will enhance our ability to deliver winning products and move us further toward our goal of becoming one of the top global brands in consumer electronics and home appliances,” said Young Ha Lee, president and CEO of LG Electronics Digital Appliance Company. “Our long history of working together with GE will help us take advantage of this agreement even more quickly.
LG and GE have collaborated on cooking appliances since 1999, in technologies and product development. The companies believe the new agreement will help strengthen their competitiveness worldwide. This agreement will be especially helpful to LG, in its push to expand its global presence in digital appliances, according to the company. LG currently sells its products in North America through The Home Depot, Sears and Best Buy.