SEOUL, Aug 16 (Bernama-Yonhap) -- LG Electronics Inc., a major home appliance maker in South Korea, said Sunday it has started the operations of a new home appliance plant in Brazil to tap deeper into the South American region, Yonhap News Agency reported.
Brazil has long been a key market for LG Electronics as the world's 11th-largest economy, where purchasing power among lower-income households has risen alongside government support programmes.
The new manufacturing facility in Parana in southern Brazil, LG Electronics' second one, started operations last week. The facility has an annual capacity of building 600,000 refrigerators.
Combined with its existing facility in Amazonas, LG's annual local production capacity for appliances is projected to top 7 million units.
LG Electronics said the new plant will focus on premium and localised appliances to boost cost competitiveness amid rising local demand, while also serving as an export hub for neighbouring countries.
-- BERNAMA-YONHAP