July 21, 2016 12:42
LG Electronics is to relocate its European headquarters from London to Frankfurt after the U.K. voted to leave the European Union. LG's German office in Dusseldorf will also move to Frankfurt.
"The decision is aimed at expanding business-to-business trade in automotive parts, which is our new growth driver," an LG executive said. All preparations are to be complete by October.
LG considered moving its main regional office to Germany last year when talk of Brexit began to pick up steam. "We picked Germany as our new hub of European marketing because of the relationship between the U.K. and the EU," the executive said.
Frankfurt hosts a global motor show which also showcases automotive parts and sits at a major logistical distribution hub in Europe.
LG also plans to boost its home appliance marketing in Germany, where sales are lower than France and the U.K.
LG is plugging its premium LG Signature brand of home appliances in Europe, but sales have been weak in Germany, which is home to major rivals Millet and Siemens.
LG plans to showcase the brand at the IFA home appliance exhibition in Berlin in September.
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