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Business

LG To Shut Down Mobile Phone Business

Oluwaseye Ogunsanya April 5, 2021 10


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

This decision was approved by the company’s board of directors on Monday, LG Electronics said in a statement released in Seoul.

The shutdown of LG’s mobile phone sector is expected to be finalised 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 said it 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’’.

The company also said that core technologies developed during the two decades of its mobile business operations are to be retained and applied to existing and future products.

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

The division has shown an operating loss for years.

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