Korean electronics conglomerate LG Electronics has said it will invest $70 million in Poland by 2015 as part of a strategy to develop the country as a bridgehead into the European home appliance market.

LGE said in a press release that its Polish investment is also part of the firm's plan to become “the worlds’ largest home appliance company in four years’ time.”

Next year the Korean electronics giant will spend $12 million to establish a washing machine manufacturing line in Wrocław and will also invest $24 million by 2012 to enlarge its existing refrigerator manufacturing facility in the same city.

The rest of the $70 million will be spent on constructing new plants and expanding existing assets.

Once the investment has been made, the Wrocław plant will be able to produce 700,000 washing machines a year and from 2012, refrigerator output will increase to 1.4 million units from the current 300,000 units, according to the company.

“The European appliance market is critical to our future success and we are confident in our ability to keep up with the growing demand from consumers there,” said Young-Ha Lee, president and CEO of LG Electronics Home Appliance Company.

Mr Lee added that increasing his company's presence in Poland will allow it to better address demand from Europe and North Africa.

“[This would put] us well on course to become the world’s top home appliance company by the middle of the decade.”