South Korean company LG Electronics has said that it would reduce its expenses and costs by $2.2 billion, this year in order to come to terms with the ongoing global economic recession. LG predicted that the economic slowdown would cause 20% fall in selling LG products. That is why, the company is trying to minimize its costs, in stead of cutting jobs. However, LG hopes its handset share in emerging markets across the world would increase this year.
LG is one of the leading consumer electronics company in the world and they have strong presence in the global mobile phone market. Now, let us see if the decision of reducing costs without cutting jobs works for LG to contend with ongoing economic recession in the world.
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