LG shuts down its mobile phone business

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LG Electronics is closing its mobile business unit, the company said in a statement. The decision was approved by its board of directors earlier on Monday.

LG’s decision to exit the 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, says LG.

LG will provide service support and software updates for customers of existing mobile products for a period of time which will vary by region, according to the company.

Details related to employment will be determined at the local level, says LG.

The wind down of the mobile phone business is expected to be completed by July 31, this year.

[Image courtesy: LG]