Newsbytes
  • India
  • Business
  • World
  • Politics
  • Sports
  • Science
  • Entertainment
  • Auto
  • Lifestyle
  • Inspirational
  • Career
  • Bengaluru
  • Delhi
  • Mumbai
  • Videos
  • Phone Reviews
  • Find Cricket Statistics
Hindi
More
Newsbytes
Hindi
Newsbytes
User Placeholder

Hi,

Logout


India
Business
World
Politics
Sports
Science
Entertainment
Auto
Lifestyle
Inspirational
Career
Bengaluru
Delhi
Mumbai
Videos
Phone Reviews
Find Cricket Statistics

More Links
  • Videos

Download Android App

Follow us on
  • Facebook
  • Twitter
  • Linkedin
  • Youtube
 
Home / News / Business News / LG announces shutdown of global smartphone business
  • Business

    LG announces shutdown of global smartphone business

    Nachiket Mhatre
    Written by
    Nachiket Mhatre
    Mail
    Last updated on Apr 05, 2021, 04:59 pm
    LG announces shutdown of global smartphone business
  • LG has officially announced that it will shut down its mobile phone business after failing to find a buyer for its faltering consumer technology arm.

    The loss-making smartphone arm will wind down operations on a global scale, with the company restructuring resources and employees into "growth areas" such as electric vehicle components, robotics, smart homes, AI, and other B2B and services solutions.

  • In this article
    Decision approved by directors after failure to sell business unit LG will provide software and service support per local laws Statement doesn't acknowledge CEO's claim to retain 60 percent employees LG will continue to develop 6G tech, leverage mobile expertise LG's statement indicates it will continue R&D in the segment
  • No takers

    Decision approved by directors after failure to sell business unit

    Decision approved by directors after failure to sell business unit
  • The development was relayed through the company's official press channel. The decision was unanimously approved by the board of directors.

    This doesn't come as a surprise since LG CEO Kwon Bong-seok had sent an internal memo to LG employees in January after initial reports emerged.

    The beleaguered mobile maker had racked up losses totaling to $4.5 billion over the last five years.

  • Until stocks last

    LG will provide software and service support per local laws

    LG will provide software and service support per local laws
  • The winding down of the global business will go on until July 31. The company, however, will continue to sell its existing inventory of mobile phones.

    LG has promised to provide Android software updates and service support for its products, but the exact scope will vary region-wise, presumably to meet local minimum standards.

    The inventory will quite likely be moved with discounts.

  • Fate unknown

    Statement doesn't acknowledge CEO's claim to retain 60 percent employees

    Statement doesn't acknowledge CEO's claim to retain 60 percent employees
  • Meanwhile, the LG press release also noted that the fate of the remaining LG Mobile employees will be determined at the local level.

    Back in January, Kwon had assured that around 60 percent of the employees would be assimilated into other LG businesses.

    The company statement, however, makes no specific claims to this effect or confirm the CEO's employment assurance.

  • Quote

    LG will continue to develop 6G tech, leverage mobile expertise

  • "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," the company stated.

  • Leveraging tech

    LG's statement indicates it will continue R&D in the segment

    LG's statement indicates it will continue R&D in the segment
  • LG's exit doesn't affect its progress on the upcoming 6G telecom infrastructure, and it seems like the company will continue its work in the field.

    The official statement indicates that the company will continue mobile-related research and development for the purpose of integration in the wide swathe of products the conglomerate boasts of in its repertoire.

  • LG
  • Smartphones
  • LG Mobile
  •  
Latest News
  • 'Searching For Sheela' trailer: Documentary strives to unveil 'real' Sheela
    'Searching For Sheela' trailer: Documentary strives to unveil 'real' Sheela
    Entertainment
  • Coronavirus: Maharashtra lockdown decision soon; state board exams postponed
    Coronavirus: Maharashtra lockdown decision soon; state board exams postponed
    India
  • Haryana announces night curfew, day after record COVID-19 spike
    Haryana announces night curfew, day after record COVID-19 spike
    India
  • Mercedes-AMG GLA 35 4MATIC SUV to be launched by April-end
    Mercedes-AMG GLA 35 4MATIC SUV to be launched by April-end
    Auto
  • Vikramaditya Motwane lashes out at ALTBalaji, accuses them of plagiarism
    Vikramaditya Motwane lashes out at ALTBalaji, accuses them of plagiarism
    Entertainment
Trending Topics
Bharti Airtel Mukesh Ambani WhatsApp Reliance Jio OPPO Isha Ambani
Next News Article
Share
Cancel

Want to share it with your friends too?

Facebook Whatsapp Twitter Linkedin
Copied

Love Business news?

Subscribe to stay updated.

Business Thumbnail
India News Business News World News Politics News Sports News Science News Entertainment News Auto News Lifestyle News Inspirational News
Career News Bengaluru News Delhi News Mumbai News Bharti Airtel Mukesh Ambani Indian Premier League Chris Lynn Samsung Virat Kohli
Rohit Sharma Cricket News Mahendra Singh Dhoni YouTube Hollywood News WhatsApp Bollywood News Real Madrid ISRO Yoga
Honda Batman Football News BMW Vaccine Reliance Jio OPPO Food News, Healthy Recipes Apple Tesla
Royal Challengers Bangalore Toyota Fashion Tips Amit Shah Mercedes Sidharth Malhotra Isha Ambani India Vs England Cricket OnePlus Mobiles Android TV
Smart TV Marvel Comics Avengers Neha Kakkar
About Us Privacy Policy Terms & Conditions Contact Us News Reviews News Archive Topics Archive Find Cricket Statistics
Follow us on
Facebook Twitter Linkedin Youtube
All rights reserved © NewsBytes 2021