MERGERS, ACQUISITIONS AND FINANCIAL RESULTS
LG Planning Mobile Phone Factory for Kenya
South Korea's LG Electronics has announced plans to establish a mobile phone factory in Kenya next year. The company is planning an investment of some Sh100 million (US$1.54 million) in the factory, which is expected to be a basic assembly facility only.
LG’s general manager Byung Su Lee said that the factory should lead to a cost reduction of around 15% in the price of mobile phones sold by the company in the country. It is also expected to export handsets to other countries in the area. The factory is expected to have a production capacity of one million units per year.