The LG Electronics company has signed a deal to become an official technology partner of Formula 1, it was announced on Wednesday.
As a part of the new five-year deal the South Korean electronics firm will appear as the official time keeper and data provider on television broadcasts, as well as enjoying a package of premium marketing rights in association with the Formula 1 brand.
LG will become the 'consumer electronics, mobile phone and data processor' of the sport from January 2009; a tie-up that F1 supremo Bernie Ecclestone believes will be mutually beneficial for both parties.
“LG is a leader in its field, it pioneers cutting edge technology, delivering innovation and excellence in a stylish package, which is what Formula 1 is about too,” said 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, chief marketing officer, added that LG is proud to be involved in such a partnership.
“Formula 1 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 organizations 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 organizations over the long term."