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Apple’s unreleased iWatch is already inspiring a bunch of me-too products from big name tech giants (nothing wrong with that, mind you). Bloomberg recently quoted a Samsung executive who went on the record to confirm that his company has been “preparing the watch product for so long.”

Then, the Financial Times newspaper shared knowledge of Google’s Android team working on a smartwatch product to act as an extension to the smartphones using Android.

And now we’re hearing that the South Korean multinational conglomerate corporation better known as LG is also developing its own iWatch contender, in addition to a wearable gadget akin to Google’s Glass eyewear…

The Korea Times newspaper has the scoop, per“a source familiar with the matter”:

It is one major part of many currently non-commercialized products under development by LG Electronics.

The company has spared no efforts to invest in products that it believes are must-haves to stay ahead technology wise in the market, whatever the situation maybe.

Along with a smartwatch, LG is said to be working on “an innovative smart product similar to Internet giant Google’s Glass” as well.

The company is reportedly considering either the Android or Firefox mobile software to power its watch product. LG announced earlier it will market a Firefox OS-driven cell phone later this year. An LG-branded smartwatch should presumably be able to sync to smartphones and provide notifications and more.

The company isn’t new to smartwatch products: LG used to sell a watch that was compatible with handsets and able to check messages in 2009, here it is.

LG, like Samsung, is in a good position to turn some profit on smartwatches because it also happens to make a bunch of components like chips and screens, which will come in handy to keep bill of materials under control. Additionally, LG, just like Samsung, also has its own bendable display technology that could be used on a smartwatch product.

By the way, isn’t it funny how everyone has raced to announced their own smartwatch but only after iWatch rumors started swirling?