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LG Group to Boost Spending 12% to Record Next Year

LG Group, whose companies include the world’s third-largest maker of mobile phones and the No. 2 producer of liquid-crystal display televisions, will boost spending by 12 percent to a record next year to further growth.

The group companies will invest 16.3 trillion won ($14 billion) in capital expenditure and 4.7 trillion won in research and development in 2011, LG said in an e-mailed statement today. South Korea’s fourth-largest family run industrial group is investing a combined 18.8 trillion won this year.

The move will “accelerate the development of new growth engines,” the statement said.

Units making consumer electronics will spend 14.2 trillion won as LG Electronics Inc., which posted record losses from mobile phones in the past two quarters, plans to more than double the production capacity of solar cells, the statement said.

The group will spend 3.6 trillion won in the chemicals business, with LG Chem Ltd. planning to boost output of batteries for electric cars. LG UPlus Corp. will spend 3.2 trillion won on new mobile and wireless networks, it said.

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