Korean consumer electronics manufacturer LG will not extend its five-year global partnership with the Formula One motor racing series after announcing an intention to refocus its sponsorship strategy.
LG signed a deal with Formula One in November 2008 to be a technology partner and received brand exposure via the competition’s international broadcast feed and timekeeping systems, although watch manufacturer Rolex took up the designation of official timekeeper last December.
The company said it will re-focus its sponsorship strategy towards regional platforms from 2014 onwards.
It has worked closely with Formula One teams Red Bull Racing, Caterham and Marussia, the F1 in Schools and F1 Rocks initiatives and served as the title sponsor of the championship’s Moment of the Year in association with F1 Racing magazine.
Across 94 grand prix, LG supplied the Formula One Paddock Club with 220 televisions and hosted 1,665 hospitality guests. The company said it has received 229,784 seconds of television exposure since 2010.