LG Exits Mobile Phone Business

Adrian J Cotterill, Editor-in-Chief

LG Electronics Inc. (LG) announced today that it is closing its mobile business unit.

In the statement they said “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, artificial intelligence and business-to-business solutions, as well as platforms and services”.

The business is expected to be fully wound down by July 31. Undoubtedly there will be big job losses but no details were given in the press release.

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