Honeywell, LG Form Product Development Partnership
MORRIS TOWNSHIP, N.J.
Honeywell and LG Electronics have formed a strategic partnership to further enhance their range of building management technology products and services.
The partnership agreement will join the companies to cooperate on all levels of product development, providing technology solutions and services, product engineering, training, marketing, plus sales and after-sales services.
According to industry figures, the building automation sector is seeing substantial growth worldwide. The market grew from $90 billion last year to $94 billion in 2008 – reporting an increase of approximately five percent.
“Intelligent buildings and automated services are in high-demand in today’s fast paced life. Convenience and clever technology is being used to replace even the simplest tasks, especially across the regaion,” says K.W. Kim, CEO of LG Electronics Middle East and Africa Regional Company. “LG already has a successful range of home solutions and we believe there is opportunity for further growth within this sector which led us to partner with industry specialists, Honeywell.”
LG’s solutions business team was established in 2004 and the company will complete installations in more than 60,000 residences by the end of 2008 across emerging markets including Korea, the Middle East and China.
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