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LG to acquire 20% stake in South Korean robot company

LG Electronics Inc. plans to invest 53.6 billion won to acquire a 20% stake in local robot manufacturer Robostar Co. as it aims to bolster its foothold in the next-generation industry, Yonhap News Agency reported May 29.

The South Korean electronics giant said it plans to acquire 1.95 million shares around mid-July, the report added, citing a company release. In addition, LG will buy 13.4% more of Robostar by the end of next year to increase its stake to 33.4%.

In January, the company acquired a 10.12% stake in South Korean robots manufacturer Robotis Co. Ltd. The acquisition came as the company seeks to develop its robot business and sees robots as a future growth engine after unveiling three new service robot concepts including serving, porter and shopping robots at the 2018 Consumer Electronics Show in Las Vegas in January.

As of May 29, US$1 is equivalent to 1,082.33 South Korean won.