3/18/2016, 12:36 PM (Source: TeleTrader)
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Denmark’s Bang & Olufsen in strategic partnership with LG

Bang & Olufsen (B&O), Danish consumer electronics company, will team with LG Electronics to develop production of the televisions, according to a statement published on Friday.

Strategic partnership with South Korean multinational company will help the firm to improve innovation process and reduce costs, according to B&O. The focus will be on unique competencies within acoustics and design, with the goal of enhancing long-term profitability, the company said.

No details on potential transactions were disclosed, but the first OLED television is expected to appear in 2017. The agreement has annual savings potential of 150-200 million over the next three years and includes cooperation in areas such as license and product bundle activities, the companies stated.

The Denmark-based company, which recorded losses in the previous three years, announced talks with a potential undefined buyer in November last year. The dialog continues, but without any binding commitments, the statement said.

Baha Breaking News (BBN) / VP