LG Electronics Ends Smartphone Production and Sales
[Asia Economy Reporter Minwoo Lee] LG Electronics announced on the 5th that it will cease production and sales of its MC Division (mobile phone business).
LG Electronics stated, "Due to intensified competition in the mobile phone market and continued business downturn, we will halt operations to focus our capabilities on core businesses through internal resource optimization." They explained, "Although there may be a short-term decrease in sales due to the closure of the MC Division, mid- to long-term improvements in business structure and financial health are expected."
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Accordingly, trading of LG Electronics' shares will be suspended from 10:29 AM to 10:59 AM today.
This content was produced with the assistance of AI translation services.
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