Tuesday, November 1, 2005

LG-Nortel Joint Venture Launches

LG Electronics and Nortel officially launched their joint venture, LG-Nortel Co. Ltd., will offer leading-edge communications and networking solutions in the wireline, optical, wireless and enterprise markets in South Korea and the rest of the world.

LG-Nortel's headquarters will be in South Korea, with sales and marketing located in Kangnam, Seoul; R&D facilities in Anyang in the province of Gyeonggi; and an employee population of approximately 1,400. LG-Nortel also announced the appointment of J.R. Lee from LGE as chief executive officer, Paul House from Nortel as chief operating officer, Peter Dans from Nortel as chief financial officer, and C.H. Hwang from LGE as chief technology officer.

The companies said they have already successfully collaborated to win significant contracts in South Korea since the announcement in January of a Memorandum of Understanding concerning the joint venture. Within the last three months, LG and Nortel have been selected to deploy HSDPA/WCDMA networks for KTF and SKT, paving the way for the joint venture to become a major 3G supplier in one of the most advanced telecommunications markets in the world.