LG Electronics plans to double its annual investment in its smart home business by 2020. At an annual IFA tradeshow in Germany, LG unveiled plans to expand its R&D workforce by more than 50 percent until 2020, The Korea Times reports, citing Song Dae-hyun, president at LG Electronics' home appliance and air systems business. "We are going to push for an open innovation — focusing on AI, hardware devices, IoT and robots — in a move to expand our presence in the smart home industry", Dae-hyun said.
"Mergers and acquisitions (M&A) will stand at the center of our plan to grow the smart home business", the company executive added. "We will take a close look at such companies as retail players or those with unique technologies", he also said. However, Dae-hyun did not specify the companies with which LG is discussing possible acquisitions. "We have yet to narrow our differences with some companies, but are still looking for suitable partners", he said.
