The electronics firm will become 'the official Consumer Electronics, Mobile Phone and Data Processor' of the world championship, and its logo will feature on F1's live timing system and timing graphics.
"LG is a leader in its field, it pioneers cutting edge technology, delivering innovation and excellence in a stylish package, which is what Formula One is about too," said F1 supremo Bernie Ecclestone. "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."
Dermot Boden, LG's chief marketing officer, said the deal was a major coup for his company, and believes F1 is a good investment even during the global economic downturn.
"Formula One represents the absolute peak of technological innovation and style, which is also our vision for the LG Electronics brand," he said.
"We feel the excitement and electricity of F1 is unmatched by any sport, and we feel the same passion and energy here at LG.
"In today's economic climate, all organisations need to be strategic with their expenditures. Here at LG we can think of no more important investment than our brand.
"After having carefully researched marketing and sponsorship opportunities, I am confident that this exciting partnership will best highlight and enhance the profiles of both global organisations over the long term."
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