LG Group celebrates 70th anniv., aims to overhaul core businesses

SEOUL, Jan. 20 (Yonhap) -- LG Group Chairman Koo Bon-moo told the group's top executives that overhauling core businesses and finding next-generation drivers of growth are the top priority for the nation's second-largest conglomerate.

Koo made the remarks at a meeting with LG's top executives on Thursday as the group marks its 70th anniversary this year, group officials said.

Koo did not specify about how he will overhaul the group's core businesses, but the remarks came as LG Electronics Inc., the group's cash cow, is struggling with the task of turning around its loss-making smartphone business.

"By further accelerating the speed of the sophistication of our business portfolio, we should overhaul core businesses and nurture businesses for future growth," Koo was quoted as saying in a statement released by LG.

Koo also urged top executives to make a new push for innovation to "actively cope with the chaotically evolving global business environment."

LG was founded by Koo In-hwoi in 1947 as a small plastics maker.

Last year, LG Group posted sales of about 150 trillion won (US$128.1 billion) with total employees standing at some 222,000 people at home and abroad.
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