Posts tagged LG
LG – Turning crisis into opportunity
Feb 2nd
‘We view the recession period as a once-in-a-lifetime opportunity,’ says LG Electronics’ Yong Nam – Despite the bleak prognosis, Nam, LG’s global chief executive and vice-chairman, says the company has a once-in-a-lifetime opportunity to take market share.
“We view this recession period as an opportunity. For example – we have a big opportunity in Australia because NEC, Philips and others have pulled out. In sports marketing we have the Formula 1 sponsorship that includes Melbourne. Formula 1 pursues technological innovation and stylish design. The image that we are trying to build is a perfect match with what Formula 1 is trying to achieve. Formula 1 suits our image and brand objectives. Our sponsorship renewal with the International Cricket Council will include Australia. The global sponsorship is for all ICC events over the next seven years. Events for this year include the Women’s World Cup Finals, World Cup qualifier and Twenty20 World Cup. Most of our competitors have been cutting, but we’ve been increasing. Research and development and brand building are two of our most important areas and we will not stop.”
Panasonic sticks with Toyota in F1
Jan 16th
Japanese electronics company Panasonic Corp renews their title sponsorship of the Toyota Formula One team until 2012 despite the global recession. Panasonic, whose South Korean-based rivals LG Electronics are now an official sponsor of the series, have backed Toyota since their Formula One debut in 2002.
“I would like to extend my deepest thanks to Panasonic Corporation for continuing as our title sponsor, despite the particularly harsh economic climate,” team principal Tadashi Yamashina said in a statement after the internet launch of the new TF109 car. www.guardian.co.uk
TATA sees red in F1
Dec 18th
The Tata brand announces a sponsorship deal between Ferrari F1 team and Tata Consultancy Services. Tata will join Marlboro, Shell, Alice, Acer, AMD, Etihad Airways and Martini as team partners for the 2009 season.
“It’s historic! For the first time an Indian brand will appear on the Ferrari,” president Luca di Montezemolo stated in the Italian media. TCS has been a technology partner of Ferrari Formula One since 2005 providing software.
This sponsorship deal comes at a time when Formula One has announced a series of cutbacks to ease financial pressures, which were highlighted by Honda pulling out from the sport earlier in December, but also illustrates the attraction of F1 on the back of the recent LG deal. www.business-standard.com