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LG Electronics decides to shut down its mobile business after 26 years of operation

LG전자 모바일사업 철수 결정…사업 26년만

South Korea’s tech giant LG Electronics has decided to shut down its mobile business for good.
After running the unit for 26 years,…the board decided on Monday to completely pull the plug on its mobile phone division.
But the company said it would maintain employment of roughly three-thousand-seven-hundred workers who will be redeployed to other departments.
It said the abandonment was due to fierce competition and the continued downturn in the mobile phone maker’s sales.
LG Electronics reportedly sought to sell the money-losing unit but did not make much progress in negotiations.
Its mobile phone business has not made a profit for 23 quarters in a row since 2015.

#LG #Economy #mobile_business

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2021-04-05, 12:00 (KST)

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