Connect with us

Business

LG to shut down mobile phone business

Published

on


The South Korean electronics manufacturer, LG is closing its loss-making mobile phone business.

The board of directors approved the move on Monday, LG Electronics said in a statement released in Seoul.

The shutdown of LG’s mobile phone sector is expected to be completed by the end of July.

“LG’s strategic decision to exit the incredibly competitive mobile phone sector will enable the company to focus resources in growth areas such as electric vehicle components, connected devices, smart homes, robotics and artificial intelligence.

“It will also focus on business-to-business solutions as well as platforms and services,’’ the statement added.

LG wants to “continue to leverage its mobile expertise and develop mobility-related technologies such as 6G to help further strengthen competitiveness in other business areas’’.

Core technologies developed during the two decades of LG’s mobile business operations are to be retained and applied to existing and future products, the company said.

LG’s withdrawal from the smartphone business had been on the horizon for some time.

The division has shown an operating loss for years.

Facebook Comments Box
Copyright 2023 ROYAL NEWS. All rights reserved. Digital material on this website, may not be published, reproduced, broadcast, rewritten or redistributed in whole or in part without prior express written permission from ROYAL NEWS.

Contact: info@royalnews.com.ng

Download ROYAL NEWS app

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *