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LG Innotek Selected as ‘Best Partner” of Schaeffler through 500:1 Competition
Best Partner
LG Innotek Selected as ‘Best Partner” of Schaeffler through 500:1 Competition
  • By Michael Herh
  • November 7, 2016, 01:45
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Jeong Yong-sung, vice president of LG Innotek's Electronic Component Division (in middle of the front row), is posing for a photo shoot after winning the
Jeong Yong-sung, vice president of LG Innotek's Electronic Component Division (in middle of the front row), is posing for a photo shoot after winning the "Best Partner" Prize from Schaeffler Automotive Group at Schaeffler Supplier Day 2016.

 

LG Innotek was recognized as the best company in Germany through 500:1 competition with other auto parts companies in Germany.

On November 6, the company announced that it was selected as "Best Supplier" by Schaeffler Automotive Group on Schaeffler Supplier Day 2016.

Only 10 of approximately 5,000 Schaeffler partners around the world are selected as 'Best Partners'. It is a qualification that can be given a partner when the part is recognized for its overall competitiveness in the auto parts business. This is because the company is assessed in all sectors such as quality, reliability, price, and innovation.

Headquartered in Germany, Schaeffler is a global company specializing in automotive parts and bearings. Its sales reached about 16.7 trillion won (13.2 billion euros) last year. Parts that the company buys from its suppliers amounted to about 9.8 trillion won (7.8 billion euros).

LG Innotek began to develop parts for Schaeffler in 2014 for precision control of vehicle fuels. These days, the company is expanding cooperation into automobile motors. This is because its technology was recognized while the company carried out projects with Schaeffler.

LG Innotek's customer base was strengthened with Schaeffler’s selection of LG Innoteck as the best partner. This is because LG Innotek has become a main partner of two major German companies. The company was named the best partner of the Continental Automotive Group last year.

In addition, in July, LG Innotek received the Quality Excellence Award from General Motors (GM) for its rigorous quality control capability that realizes zero-defect quality. It means that automakers were satisfied with LG Innotek’s auto parts.

LG Innotek's vehicle parts business has been steadily growing since its production of motors for vehicles in 2007. The company's auto parts sales totaled 596.3 billion won in the third quarter, up 27% year on year. Its order backlog, which can be used to predict mid- to long-term sales, reached 6.9 trillion won at the end of September.