LG Electronics Suspends Operations Due to Poor Performance in Solar Panel Business
[Asia Economy Reporter Ji Yeon-jin] LG Electronics announced on the 23rd that it will cease operations of its solar panel business as of June 30.
The company stated, "Due to intensified competition in the solar panel business and continuous poor performance, we will stop operations," adding, "We will focus our capabilities on core businesses through internal resource optimization and improve the business structure."
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LG Electronics' solar panel business recorded sales of 887.1 billion KRW in 2020, accounting for 1.5% of total sales. Although this cessation will reduce overall sales, the company emphasized that it expects mid- to long-term improvements in financial structure.
This content was produced with the assistance of AI translation services.
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