Bang & Olufsen has entered a strategic technology partnership with LG Electronics on the development and production of its televisions, the Danish company said on Friday.

The partnership will help the Danish manufacturer of high-end stereos and TVs to achieve technological capabilities and scale needed to improve long-term profitability, the company said in a stock exchange announcement.

The agreement has annual savings potential of 150-200 million Danish crowns ($22.7-30.3 million) when fully implemented over the next three years.

(Reporting by Annabella Pultz Nielsen; Editing by David Goodman)

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