COPENHAGEN (Reuters) - Bang & Olufsen (CO:BO) has entered a strategic technology partnership with LG Electronics (KS:066570) on the development and production of its televisions, the Danish company said on Friday.
The partnership will help the Danish manufacturer of high-end stereos and TVs to achieve technological capabilities and scale needed to improve long-term profitibility, the company said in a stock exchange announcement.
The agreement has annual savings potential of 150-200 million Danish crowns (15.7 to 21 million pounds) when fully implemented over the next three years.
($1 = 6.6034 Danish crowns)