LG announced Monday it will officially exit the global smartphone business. The company said it may conduct layoffs and close manufacturing facilities as a result of the move, which it expects to complete by July. The move isn't entirely a surprise. LG's mobile phone business has been struggling for years. Indeed, research and consulting firm IDC estimates LG was the world's fifth-largest smartphone vendor in 2013 with a 5% share, a figure that fell to 2% by last year when LG was the world's tenth-largest smartphone vendor. As a result of those declines, it's been rumored for months that LG would either offload the business or shut it down. According to Reuters, LG failed to close a deal with Vietnam's Vingroup to sell its mobile phone business.