Ericsson announced on March 22, 2012 that the company now owns a 75% stake in joint venture LG-Ericsson, according to a March 22, 2012 report by Reuters. Ericsson previously held a 50% stake plus one share in the JV. It is reported that Ericsson's move aimed at strengthening its position in the Korean market. Established in 2005, the JV is a supplier to KT, LG Telecom, SK Telecom, and other telecom operators in Korea.