LG Electronics announced on Thursday that it is investing more than $400 million to become a Top 10 global player in the water treatment business.
The South Korean company's goal -- aside from helping cattle global water supply issues and meet its own environmentally sustainable business initiatives -- is to generate $7 billion in revenue by 2020.
LG says its initial investment will go toward acquiring the right technology and building up its own research and development, concentrating on the development of an advanced membrane filtration system.
LG says it will hire membrane filtration experts and process engineers to bulk up on the topic, as well as pursue corporate partnerships, mergers and acquisitions with the goal of expanding quickly to keep pace with its aggressive goal.
As for the market itself, LG says it will begin with industrial water treatment, and expand into sewage and drinking water treatment. Future plans include water treatment engineering and procurement, as well as operation and maintenance across the municipal sector.
“Water affects every aspect of our lives, yet almost one billion people around the world don't have clean drinking water and more than 2.5 billion still lack the most basic sanitation,” said Young-ha Lee, president and CEO of the LG Electronics Home Appliance Company, in a statement. “The water business has been growing by an annual rate of 15 percent so there’s an incentive for companies to invest in finding solutions."