LG to Advance Payment of 1.25 Trillion KRW to Partners Ahead of Lunar New Year

Payment Scheduled Up to 14 Days Earlier Than Planned

LG will advance payment of delivery fees by up to 14 days to promote mutual growth with its partners and local communities ahead of the Lunar New Year holiday.

On the 29th, LG announced that eight affiliates?LG Electronics, LG Display, LG Innotek, LG Chem, LG Energy Solution, LG Household & Health Care, LG Uplus, and LG CNS?plan to pay a total of 1.25 trillion won in delivery fees to their partners before the Lunar New Year holiday.

LG Twin Towers.

In addition to early payment of delivery fees, LG affiliates operate a financial support program worth 1.3 trillion won, including a win-win cooperation fund and direct loans, to help partners secure funds through low-interest loans.

LG Electronics established a 100 billion won fund last year with commercial banks and deposits/contributions, currently operating a total 300 billion won win-win cooperation fund to provide low-interest loans to partners in need of operating funds. It also directly provides 40 billion won annually interest-free to partners requiring new and automated facility investments.

LG Innotek operates a 140 billion won win-win growth fund, directly assisting partners with fund procurement, while LG Energy Solution established a 150 billion won investment support fund in 2020 to offer financial support such as preferential interest rates for SMEs’ equipment and operating funds.

An LG official said, "We will strengthen win-win cooperation to support partners facing difficulties due to rising financial costs caused by high inflation and high interest rates, not only through early payment of delivery fees."

Along with this, LG affiliates plan to deliver daily necessities such as household goods and food to underprivileged neighbors in local communities for the holiday.

LG Electronics will donate a total of 2,000 kg of kimchi to villages paired through its One Company-One Village program before the Lunar New Year and plans to deliver rice and food sets to families of disabled youth in 17 cities and provinces nationwide through the Korea Disabled Rehabilitation Association.

LG Chem will deliver daily necessities and heating supplies to local neighbors at business sites such as Yeosu and Daesan. LG Household & Health Care plans to donate household goods, cosmetics, and beverages to women’s youth institutions and elderly welfare facilities nationwide. LG HelloVision will conduct employee volunteer activities delivering 'Mind Sharing Packages' composed of seasonal market products such as fruits and vegetables to children in vulnerable groups.