LG Innotek's Optical Business is Booming due to Apple's iPhone 7 Plus and 3D Camera for Next-Gen iPhone
LG Innotek is experiencing a boom in business due in large part to Apple and their iPhone 7 Plus and upcoming iPhone 8. According to LG Innotek's business report published yesterday, the number of employees of Optical Solution Business Department increased from 2,173 in December of 2016 to 2,946 in June of 2017. LG Innotek hired 773 employees in just 6 months at an increased rate of 36%. Optical Solution Business Department also has the highest number of employees based on percentage (34%) out of entire employees of LG Innotec (8,689).
The production facility that LG Innotek extended in March of last year is its camera module production facility in Gumi which is the main production base of camera modules for iPhones. Dual cameras for iPhones are also manufactured at this production facility.
Modules that are newly manufactured through LG Innotek's investment in this past April are also products that will be delivered to Apple. Although LG Innotek is remaining silent about detailed information regarding where these modules are delivered and their purpose, industries are predicting that optical parts that can see objects in 3D will be applied to new iPhones that will be released this fall.
Hiring of large number of employees also indicates that LG Innotek's plan to start supplying its products to Apple on full-scale during second half of this year.
The boom in business with Apple is likely to help LG Innotek's Optical Solution Business Department break a sales record. The sales estimate shows that it will surpass US$2.65 billion (3 trillion KRW) due to increase in number of demands of camera modules and supply of new modules. If LG Innotek hits this mark, it will surpass its performance in 2015 when it made $2.63 billion (2.9803 trillion KRW) in sales.
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