South Korean home appliance giant LG Electronics Inc. is stepping up efforts to enhance its presence in the global business-to-business (B2B) market as the company faces growing headwinds from economic uncertainties.
LG said on Thursday it is showcasing a new lineup of AI-powered large-capacity commercial washers and dryers at Texcare International 2024, a global B2B laundry and textile care exhibition, held in Frankfurt, Germany, for four days from Nov. 6.
Held every four years, Texcare is regarded as a major global B2B laundry and textile care exhibition, alongside the Clean Show of the US.
This year’s Texcare event has attracted over 250 companies and about 15,000 industry professionals, including those from hotels, hospitals and large laundry chains worldwide, according to LG.
The LG Professional Laundry lineup features 20-, 25- and 30-kilogram washers, as well as 25- and 30-kg dryers.
LG also showcased a washer-dryer combo with a maximum capacity of 25 kg for washing and 16 kg for drying.
With the launch of the new lineup, LG said it aims to strengthen its position in the commercial laundry market in Europe and worldwide.
The products are equipped with LG’s advanced AI technology, which automatically adjusts water usage and washing and drying times based on load size, enabling a complete cycle in just one hour, the company said.
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LG said the 25 kg washer-dryer combo stands out as one of the largest models in the heat pump combo category and is the industry’s first commercial combo to employ an inverter heat pump drying module.
The proprietary technology significantly reduces drying times and boosts energy efficiency, making LG’s new products ideal for businesses with high laundry demands, such as hotels and care facilities, according to the company.
Since entering the global commercial laundry market in 2008, LG has been expanding its influence in the fast-growing segment.
Earlier this year, the company strengthened its partnership with WASH, a leading US laundry service provider, to increase its presence in the US and Canadian markets.
LG has showcased its laundry machine innovations at major exhibitions, including Clean Show 2022 and Texcare 2016.
“Building on our success in the residential washer and dryer market, we are now accelerating our efforts to lead the commercial laundry sector, particularly in Europe,” said Lyu Jae-cheol, president of LG Electronics Home Appliance & Air Solution Company.
LG estimates the global commercial washer market size at $3.5 billion.
LG Electronics Chief Executive Cho Joo-wan, who also goes by his English name William Cho, said earlier this year the company is making a big B2B push to offset weakening demand for consumer electronics.
LG runs a wide range of B2B operations, including automotive electronics, heating, ventilation and air conditioning (HVAC) systems, built-in appliances, smart factory solutions, commercial displays and mobility solutions.
Under its Vision 2030, the CEO said LG will pursue three growth drivers: increase sales of non-hardware products, promote the B2B model and explore new growth areas such as electric vehicle charging and digital health.
In the B2B segment, the company aims to achieve annual sales of 40 trillion won ($28.7 billion) by 2030.
By Eui-Myung Park
uimyung@hankyung.com
In-Soo Nam edited this article.
