Some 30 chief executives of LG Group visited two suppliers of LG Electronics on Thursday to seek ways to strengthen the group’s competitiveness through shared growth with smaller firms.

They included LG Group chairman Koo Bon-moo, LG Electronics vice chairman Koo Bon-joon, LG Chem vice chairman Kim Bahn-suk, LG Uplus CEO Lee Sang-chul and LG Display CEO Han Sang-beom, officials said.

Their first destination was Mirae Korea, a TV frame maker located in Cheonan, 92 kilometers south of Seoul. Through joint research and development activities with LG, the company succeeded in developing the bezel-free TV set Cinema Screen last year. 

Since LG has supported financing new facilities for the company, Mirae has seen its productivity per person more than double while the defective rate of its products decreased by 3 percent, the group said.

The group of top executives also visited Woosung Molding and Plastics in Pyeongtaek, Gyeonggi Province, which has produced cell phone cases with financing and technical support of LG Electronics since March 2011.

As the supplier improved competitiveness and productivity, LG could launch its flagship smartphone Optimus G Pro as originally scheduled early this month, LG explained.

This year, LG Group plans to ramp up efforts for shared growth with its suppliers.

The group already increased its shared-growth fund for suppliers from 250 billion won to 340 billion won ($220 million to $300 million) early this year and more recently created a new 200 billion won fund for their subcontractors.

By Lee Ji-yoon (jylee@heraldcorp.com)