In 2010, the global economy recovered somewhat from the severe slowdown that had persisted since the financial crisis unfolded in 2008. However, this was also a time when we could truly sense the accelerating change in our business environment. Even during this time of economic turmoil, and this fast-paced business environment, LG continued to grow amid the ever-intensifying global competition.
Many of our affiliates met or surpassed their business targets for the year. The display and chemical businesses not only sustained growth but at the same time prudently prepared for the future with aggressive investment in LCDs and next-generation batteries. LG Innotek, LG Household & Health Care, LG Siltron and Serveone all saw their performances improve, helping to strengthen the portfolio of the LG Group as a whole.
Unfortunately, some of our businesses, including mobile phones and telecommunications services, were unable to live up to your expectations. Still, we consider such disappointments to be valuable lessons. They inspire us to join forces in order to make LG the market leader once again.
we must be unsurpassed in terms of customer value. We are determined to leverage the competencies we have built up in R&D, production, and marketing to achieve unrivalled competitiveness. Adopting the perspective of demanding consumers, LG will never cease exploring the needs of markets and customers. With this understanding, every attempt will be made to respond to consumers and we will waste no time in developing outstanding products and services.
We will remain meticulous in the areas that are fundamental to customer value, such as product quality, delivery, and performance. Through cooperation with our subcontracted suppliers, we will achieve mutual growth and thereby ensure that LG products and services enjoy world-class competitiveness.
we will step up our efforts to prepare for the future. We will continue to invest in expanding existing, and building new LCD, solar cell, and LED production lines. Investments are also being made in production lines for next-generation batteries and glass substrates, as well as in fourth-generation(4G) mobile communications. By pioneering investment in such areas, we will raise the value of existing business lines.
Meanwhile, our RD investments will focus on: core and original technologies for OLEDs, 3D panels, and next-generation batteries; competence in smartphone software; and elemental technologies necessary for convergence businesses - including cloud- and smart-based technologies.
In the process, we will strengthen our internal competencies and spark open innovation from external organizations to increase the returns on our investments. Furthermore, we will establish a solid foundation for the future by aggressively going forward with our programs to attract and cultivate top-notch personnel.
Last but not least, we will continue to nurture a self-directed organizational culture that will enable us to continue improving our customer value. To satisfy your expectations as customers and shareholders, we will be attentive to the opinions of those people who work at the frontline of the company and directly communicate with customers. At the same time, we will ensure that our working atmosphere promotes engagement from all members of the LG organization. We will not allow employees to be satisfied with the status quo. Rather, we will encourage our people to be unafraid of failure and to be willing to take on the daunting challenges necessary to create exceptional customer value.
In 2011, we will proceed with resolute determination to grow as an innovative organization that is at the forefront of creating customer value and leads the market. I look forward to your continuing interest and support and remain eager to hear your ideas as we move towards an exciting and bright future.