U.S. Commerce Department Dramatically Lowers Dumping Margin For LG Washing Machines

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Sep 15, 2015, 03:00 ET

WASHINGTON, Sept. 15, 2015 /PRNewswire/ -- The U.S. Commerce Department has dramatically lowered the dumping margin on large residential washing machines imported by LG Electronics from South Korea. This decision follows an 18-month investigation of washer imports from August 2012 through January 2014.

Although dumping duties originally had been estimated at 13.02 percent, the rate has now been reduced to only 1.52 percent. With this determination, the future antidumping deposit rate for imports by LG will be lowered to this new, more reasonable estimate.

The Commerce Department's decision represents a welcome step in LG's ongoing efforts to demonstrate that its imports from Korea have not been dumped, the company said.

About LG Electronics, Inc.
LG Electronics, Inc. (KSE: 066570.KS) is a global leader and technology innovator in consumer electronics, mobile communications and home appliances, employing 83,000 people working in 128 locations around the world. With 2014 global sales of USD 55.91 billion (KRW 59.04 trillion), LG comprises four business units ― Home Entertainment, Mobile Communications, Home Appliance & Air Solution, and Vehicle Components ― and is one of the world's leading producers of flat panel TVs, mobile devices, air conditioners, washing machines and refrigerators. LG Electronics is a 2015 ENERGY STAR Partner of the Year.

About LG Electronics USA
LG Electronics USA Inc., based in Englewood Cliffs, N.J., is the North American subsidiary of LG Electronics, Inc., a $56 billion global force and technology leader in consumer electronics, home appliances and mobile communications. LG Electronics sells a range of stylish and innovative home entertainment products, mobile phones, home appliances, commercial displays, air conditioning systems and solar energy solutions in the United States, all under LG's "Life's Good" marketing theme. www.lg.com.

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SOURCE LG Electronics USA