LG Electronics Inc. (LG) has announced the closure of its mobile business unit to focus resources in the company’s growth areas.
LG Electronics focuses on developing new innovations across the globe by providing a wide range of products across areas including, TV & Home Entertainment, Kitchen, Laundry, Computers, Air Conditioning & Solar.
In a statement, LG announced that its board members has approved the closure of its mobile business unit and that it will work collaboratively with suppliers and business partners throughout the closure of the mobile phone business.
“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,” reads the statement.
However, LG will continue to leverage its mobile expertise and develop mobility-related technologies such as 6G to help further strengthen competitiveness in other business areas. Core technologies developed during the two decades of LG’s mobile business operations will also be retained and applied to existing and future products.
The current LG phone inventory will continue to be available for sale and the company will provide service support and software updates for customers of existing mobile products for a period of time which will vary by region.
“The wind-down of the mobile phone business is expected to be completed by July 31, although inventory of some existing models may still be available after that,” reads the statement.
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