LG Electronics Opts to Kill Off Its Smartphone Business The Korean conglomerate, once the world's third largest mobile phone maker, failed to find a buyer for its loss-making business. Korean electronics conglomerate LG Electronics on Monday announced its decision to kill off its smartphone operation. The board of directors approved the drastic move on Monday after LG failed to find a buyer for the business. LG shares rose 2.8% at the open in Seoul on Monday on word that the company would cut its losses. But they gave that back and ended on a 2.5% loss on a day the Seoul market narrowly gained. The mobile phone business has lost some US$4.5 billion over the course of the almost six years in the red.