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This morning, LG issued a press release that announced the board of directors had decided to close down the conglomerate’s mobile phone business. The news is unfortunate, however isn’t too surprising given the mobile division had been accruing continuous operational losses over the last 6 years, greatly denting the company’s financials.
SEOUL, April 5, 2021 LG Electronics Inc. (LG) announced that it is closing its mobile business unit. The decision was approved by its board of directors earlier today.
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.