LG is about to throw in the towel! Faced with the collapse of its smartphone sales, the South Korean manufacturer would announce the abandonment of its mobile division on Monday, April 5, 2021. Back to the wall, LG would have abandoned the idea of reselling its smartphone department to the highest bidder.
In reaction to the catastrophic sales, the group studied the idea of reselling its department dedicated to the production of telephones. Determined to stop the costs, LG therefore began looking for a buyer interested in its mobile division. For a time, the manufacturer has also approached VinGroup , a Vietnamese group. Unfortunately, the negotiations were unsuccessful.
LG DOES NOT DENY THE ABANDONMENT OF ITS SMARTPHONE DIVISION
According to information obtained from the Korea Times, LG was unable to find a buyer . The chaebol would therefore have decided to close the doors of its mobile division. “LG has considered various options such as a sale, split sale or withdrawal of the smartphone business, but recently decided to withdraw from the industry,” a source close to the industry told the media outlet. Citing the source, the media assures that LG will make an official announcement at the next board meeting, scheduled for Monday, April 5, 2021.
An LG official did not deny the rumors . “All we can say is that all possibilities are open. Although we cannot confirm at this time, we will soon announce the precise direction of our mobile communications business ” underlines the executive.
Source: Korea Times