LG Innotek, a subsidiary of the LG Group, plans to invest nearly $ 500 million in ramping up production of camera modules used in Apple iPhones.
The company will expand its plant in South Korea, where it will manufacture modules using Sony and Samsung Electronics image sensors. The finished products are sent to smartphone assemblers such as the Taiwanese company Hon Hai Precision Industry, better known as Foxconn and Apple’s main manufacturing partner.
LG Innotek’s revenue grew 20% last year. More than 60% of the increase is believed to be attributable to orders for iPhone components.
Smartphone manufacturers are focusing on improving cameras, hoping to differentiate their products from competitors.
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