LG Electronics Inc. has joined hands with Siemens to develop smart factories with an advanced manufacturing process.
The South Korean electronics maker and the German industrial giant announced on Aug. 28 that they have signed a memorandum of understanding (MOU) at LG Digital Park in Pyeongtaek, south of Seoul, for collaboration in advanced manufacturing solutions.
Under the agreement, the two companies will jointly develop "digital twin" technology and digitize equipment manufacturing, mold and 3D printing processes in factories. A digital twin is a virtual model of a product, process or service to allow engineers to simulate and validate a system in advance. The technology can improve efficiency and minimize failure rates.
In addition, they will operate a regular conference system to develop solutions through the joint studies. LG Electronics is planning to create a smart manufacturing-based model in cooperation with Siemens and lead digital transformation in the manufacturing sector.
LG Electronics is making a full-scale investment to create smart factories at home and abroad. The company built the world’s smartest washing machine production plant in Tennessee of the United States in December last year.
The company will invest 600 billion won (US$494.56 million) in South Korea until 2022 and turn its first Changwon plant in South Gyeongsang Province into an environmentally-friendly smart factory. The plant, which is scheduled to be completed in early 2023, will start operation in order from 2021 to produce home appliances such as refrigerator, oven, water purifier and dish washer.