The consumer electronics brand has agreed a five year deal from 2009. LG had considered sponsorship of a Formula One team but elected to partner with F1 to become its official technology partner.
There will be an LG logo on on-screen timing details and can now use general Formula One footage in its advertising.The brand also pledged to increase marketing spend in 2009.
In 2005, LG became the broadcast sponsor for ITV's coverage of Formula One after agreeing a one year deal. The deal followed the brand's title sponsors of 'Formula One comes to Regent Street' a year earlier when Formula One cars were paraded down the street ahead of the British Grand Prix.
The move comes as electronics and mobile firms boost their links with major sports and entertainment events to drive brand awareness with younger customers. The deal follows hot on the heals of mobile operator O2's deal to replace Carling as the title sponsor of all Academy music venues across the UK once the beer company's contract expires at the end of this year.
LG's rival Sony Electronics has also recently extended its sponsorship agreement for the UEFA Champions League seasons 2009 to 2012.
LG Electronics has been developing its sponsorship of global extreme sports events, with the latest deal for the 2008-2009 LG FIS Snowboard World Cup which takes place across 15 countries. The UK event launched as part of the Free Sports On 4 Freeze music and sports festival at London's Battersea Power Station last month.
LG marketing director Andrew Warner said the electronics company was ‘looking for more opportunities to engage consumers.'
Warner said LG also plans to ramp up its marketing activity around its Fulham Football Club sponsorship to target consumers at football matches. The electronics company will also target people going to events at the LG Arena in Birmingham - currently the NEC Arena - which is currently being refurbished to include new seating, hospitality, bars and restaurants.