U.S. Department of Commerce Finds In LG's Favor In Washing Machine Countervailing Duty Investigation
LG Electronics Disputes Dumping Margin Determination, Reiterates LG Imports Have Not Injured Domestic Industry
WASHINGTON, Dec. 19, 2012 /PRNewswire/ -- The U.S. Department of Commerce today found in favor of LG Electronics USA and will not issue a countervailing duty order against imports of LG washing machines from Korea.
In the countervailing duty investigation brought by Whirlpool Corporation against imports of washers from Korea, the Commerce Department issued a "negative final determination" for LG based on its finding that LG washing machines imported into the United States are not subsidized by the Korean government.
In a related antidumping investigation, also brought by Whirlpool, LG Electronics USA said it disagrees with the Commerce Department's "affirmative final determination" of a 13.02 percent dumping margin covering imports of LG's washing machines from Korea.
At the U.S. International Trade Commission (ITC), LG Electronics will continue to make its strong case that imports of LG washing machines from Korea have not injured the domestic industry. The ITC's decision on the injury issue is expected in January 2013.
According to Wayne Park, President and CEO of LG Electronics USA, the company's success in the home laundry segment in the United States has been the result of its commitment to innovating and providing U.S. consumers with state-of-the-art washers that set the industry standard for efficiency, reliability and design.
"LG is committed to full compliance with U.S. trade laws," Park said. "LG Electronics USA and our 2,000 U.S. employees are disappointed, and we will contest the Commerce Department's decision, which would harm U.S. retailers and consumers by artificially raising prices on some of the country's most popular washing machines. We look forward to continuing to make the facts of the case clear before the ITC."
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
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