LG in Formula 1 deal
LG Electronics is to become a global and technology partner of Formula 1 and will acquire exclusive marketing rights as the official consumer electronics, mobile phone and data processor of formula 1.
“Formula One represents the absolute peak of technological innovation and style, which is also our vision for the LG Electronics brand,” said Dermot Boden, chief marketing officer (CMO) of LG Electronics. “We feel the excitement and electricity of F1 is unmatched by any sport, and we feel the same passion and energy here at LG.”
“LG is a leader in its field, it pioneers cutting edge technology, delivering innovation and excellence in a stylish package, which is what Formula 1 is about too”, said Bernie Ecclestone, chief executive officer (CEO) of the Formula One Group. “We have so much in common, I am very excited to begin our association and look forward to the technology solutions they can bring to us also.”
LG will be identified and credited on the official live timing service at Formula One events and in the associated timing and data TV graphics.
“In today’s economic climate, all organizations need to be strategic with their expenditures,” said Boden.
The multi-year agreement runs from January 2009.