SEOUL (Reuters) - South Korea’s Samsung Electronics Co Ltd targets sales of nearly $30 billion from home appliances in 2015 and a 10 percent share of the global market, Hong Chang-wan, head of the company’s appliances division, said on Tuesday.
Cross-town rival LG Electronics Inc said on Tuesday that its home appliance business aimed to achieve $20 billion in sales in 2014 to position the company as the top global player, and targeted double-digit sales growth in 2011.
Samsung and LG compete with Whirlpool Corp, General Electric Co and Electrolux AB, in the global home appliance market.
Samsung’s home appliance business continued to lose money in the third quarter, which it attributed to rising logistics and raw materials costs, and investments.
Samsung Senior Vice-President Park Je-seung said the home appliance markets in advanced economies were sluggish in the fourth quarter but would grow 2 to 3 percent this year, while emerging markets were expected to expand 5 to 8 percent.
Home appliances is one of the smallest business areas for Samsung, which is ranked as the world’s top maker of memory chips, TVs and LCDs and No.2 producer of mobile phone handsets.
Reporting by Hyunjoo Jin; Editing by Chris Lewis