UPDATE 1-LG Electronics investing heavily in smartphones - News

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UPDATE 1-LG Electronics investing heavily in smartphones

By: AFX | 03 Nov 2009 | 12:41 PM ET

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WASHINGTON, Nov 3 (Reuters) - LG Electronics Inc is investing heavily in developing its smartphone business as it faces increasing global competition, LG's chief executive said on Tuesday. LG CEO Yong Nam told an audience at the Woodrow Wilson International Center for Scholars that his company no longer sees Nokia Corp and Sony Ericcson as the traditional handset competition. Instead, it now views competition as Apple Inc, maker of the popular iPhone; Canada's Research In Motion Ltd , which makes the BlackBerry handsets; and Palm Inc , he said. He declined to provide estimates of LG's smartphone sales for 2010. But he told the the audience that "we are investing heavily" at the moment in smartphones. "We're not yet there but we'll get there." (Reporting by John Poirier; editing by Andre Grenon) Keywords: LGELECTRONICS/SMARTPHONES (john.poirier@thomsonreuters.com; +1 202 898 8399) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.

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