LG Electronics Disputes Preliminary Determination In Washing Machine Dumping Investigation
WASHINGTON, July 30, 2012 /PRNewswire/ -- LG Electronics said that it disputes the U.S. Department of Commerce's preliminary determination of dumping margins announced today in an antidumping investigation of large residential washing machines imported from Korea.
The company said that, although it has just started studying Commerce's notice, the government's calculations appear to be significantly overstated. While pledging to continue to cooperate fully with the Commerce Department on this investigation, the company vowed to aggressively contest the calculations before the final determination is issued in this investigation, expected in December.
Today's preliminary determination of a 12.15 percent dumping margin for imports of LG washing machines follows the Commerce Department's "de minimis" countervailing duty preliminary determination in May, effectively finding that LG washers are not improperly subsidized by the Government of Korea.
Regardless of the Commerce Department's final determinations, LG Electronics is confident that the U.S. International Trade Commission (ITC) will find that imports of LG washing machines from Korea have not injured the domestic industry, principally Whirlpool Corporation, which launched this investigation. The ITC's decision on the injury issue is expected in January 2013.
LG Electronics is committed to full compliance with U.S. trade laws. As the leading brand of front-load residential washing machines in the United States, LG is proud of its premium, stylish and innovative laundry products designed to meet the needs of U.S. consumers.
About LG Electronics USA
LG Electronics USA, Inc., based in Englewood Cliffs, N.J., is the North American subsidiary of LG Electronics, Inc., a $49 billion global force and technology leader in consumer electronics, home appliances and mobile communications. In the United States, LG Electronics sells a range of stylish and innovative home entertainment products, mobile phones, home appliances, commercial displays, air conditioning systems and solar energy solutions, all under LG's "Life's Good" marketing theme. For more information, please visit www.lg.com.
About LG Electronics, Inc.
LG Electronics, Inc. (KSE: 066570.KS) is a global leader and technology innovator in consumer electronics, mobile communications and home appliances. With 117 operations around the world, LG achieved global sales of USD 49 billion (KRW 54.26 trillion) in 2011. LG comprises four business units – Home Entertainment, Mobile Communications, Home Appliance, and Air Conditioning & Energy Solutions – and is one of the world's leading producers of flat panel TVs, mobile devices, air conditioners, washing machines and refrigerators. LG Electronics is a 2012 ENERGY STAR® Partner of the Year.
SOURCE LG Electronics USA, Inc.