- LG might shut down its smartphone business after unsuccessful attempts at selling it.
- The company will inform its workforce about this decision next month.
After several unsuccessful attempts at selling its smartphone business, LG might be planning to shut it down.
According to Bloomberg, the company was involved in negotiations with the German Volkswagen AG and Vietnamese Vingroup JSC on possible sale of its smartphone division. However, those negotiations seemed to have failed.
In January, the CEO at LG Electronics’ also explained that the company is actively considering all the available options for this loss-making segment.
The company has also decided to halt its plans to launch new smartphones. LG’s rollable phone Rainbow has also being placed on an indefinite hold for now.
In addition to this, LG is also planning to relocate its workforce to other business divisions like automobile parts and household appliances. However, the company has not shared its final decision about the smartphone business with its workforce as yet.
The company might offer more details about this decision to its employees next month.