LG Innotek vows shared growth with partners

LG Innotek Co. signed an agreement with some 100 partner firms on financial, technological, management and educational cooperation on Thursday in its annual event for shared growth which it has held since 2010.

This year, the IT components maker said it will start providing partner firms with expert consultations on environmental, social and corporate governance, and increase financial support for partners’ factory automation.

LG Innotek said it will also offer partner firms knowhow on increasing productivity by sending engineers to help improve their manufacturing facilities and process as they have since 2014.

The company runs a 103-billion-won ($86 million) fund for shared growth that provides partners with loans at interest rates lower than bank rates, and made early payments of a total of 144.5 billion won for goods received before the Lunar New Year’s holidays to help improve cash flow at the small firms.

LG Innotek also offers some 400 online training courses free of charge which about 1,000 employees of partner firms are taking.

The company has received the top level for five years in a row in the government’s annual assessment of share growth index.

LG Innotek also shared on Thursday its policies for shared growth in purchasing, digital transformation and quality management.

By Kim So-hyun (sophie@heraldcorp.com)