In the afternoon of Feb 29, LG Innotek held a ceremony for its “2012 Growing Together and Benefit Sharing Agreement” at the company’s Osan operation in Gyeonggi Province.

CEO, Ung Beom, Lee, directors of the company’s main operations; Woo Hyun, Lim, CEO of NewFlex; and other CEOs and employees of the company’s 25 partners participated in the event to enter into the “Growing Together and Benefit Sharing Agreement for 2012" which is focused on paving the way for fair trade and co-growth.

This agreement will contribute to the company’s effort to aggressively introduce the 4 guidelines for “fair subcontracted trading between large and small enterprises” prepared the by Fair Trade Commission. In line with the agreement, LG Innotek is planning to help its partners maintain a sound financial status by actively adjusting the price of its products and running fund worth a 1.7 billion KRW.

Besides, the company announced it would continue to introduce series of policies to ▲support R&D programs, ▲HR training activities, ▲management systems, and ▲secondary partners.

The company will also adopt a “benefit sharing” program this year, which will be the first in the history of the company, to maximize the effect of joint innovation activities.

The “Benefit Sharing” system is about a large company supporting its partners in a cost saving effort, process improvement and development of new technologies, and sharing the achievements of these collaborative activities.

LG Innotek will aggressively enter into benefit sharing agreements with its 25 partners and will introduce a bundle of joint innovation projects, which may set an example of win-win co-existing business strategies.

"Also in 2012, we will be devoting all our energy to building a sustainable co-growth system, which will surely help our partners enhance their competitiveness in the global market." said LG Innotek Official.

In the afternoon of Feb 29, LG Innotek held a ceremony for "2012Growing Together and Benefit Sharing Agreement," at the company’s Osan operation in Gyeonggi Province, in the presence of CEO Ung Beom, Lee(the fourth from the right in the first row), and CEOs and employees of its 25partners, including Woohyun, Lim, CEO of NewFlex(the fifth from the right in the first row.)

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