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LG might shutter smartphone business as plans to sell reportedly fall through
- LG may be planning to shut down its smartphone business.
- A new report suggests that the company’s attempts to sell its smartphone division have been unsuccessful.
- LG might convey its final decision to employees by next month.
LG Electronics may resort to closing down its smartphone business, Korean news agency DongA Ilbo reports (via Bloomberg).
The company was said to be in talks with Vietnam’s Vingroup JSC and Germany’s Volkswagen AG to sell its smartphone division. However, those negotiations seem to have fallen through.
The latest report also claims that LG has shelved plans to launch new smartphones, including the device dubbed LG Rainbow and the LG rollable phone.
This isn’t the first time we’re hearing of LG’s wavering launch plans for its upcoming phones. A few weeks back, South Korea’s Chosun outlet reported that LG’s upcoming V60 successor, aka Rainbow, has been put on indefinite hold. The rollable phone’s fate has also been undecided for a while, even though it was recently listed on Bluetooth SIG.
Nevertheless, it’s reported that LG might share its final decision about its loss-making smartphone business with employees as soon as next month. It is believed that the company will relocate its workforce to other business divisions like household appliances and automobile parts.
That said, LG hasn’t formally acknowledged the aforementioned report. For all we know, the company might just pull through and make the sale it’s been hoping to make. We’ll keep tracking all developments around LG’s phone business and update you if we hear anything concrete.