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LG Electronics is ditching its solar panel business, and this was announced on Wednesday, Feb. 23. The South Korean company cited the unfavorable market conditions today as the main reason for its decision.
LG Electronics explained it could no longer continue with its solar panel business unit as the rising costs are making it difficult for the company to operate. On top of this, there is also stiff competition, especially with the pricing.
According to The Korea Herald, the Seoul-based company said it made the decision due to "uncertainties in the global solar panel business continue to increase due to a variety of factors, including price competition and the rising cost of raw materials." The declining sales in recent years is another factor for the closure.
The firm's board of directors gathered on Tuesday this week to vote if they should shut down the solar panel unit or not, and discuss how they should tackle the issues. In the end, most of the executives voted to just cease production.
It was revealed that the production of solar panels and modules will officially stop on June 30. Around 900 workers are going to be affected by the move, but LG Electronics assured they will be relocated to other units and subsidiaries of the company.
The company established its solar panel biz in 2010, but it suffered from slow revenue due to fierce competition with its Chinese rivals that are offering products at lower prices. LG Electronics cannot match the low rates due to the rising costs of raw materials and other factors.
"While exiting the solar panel business, LG is concentrating on products and services that can have an even greater impact," LG Electronics North America's chief executive officer and president, Thomas Yoon, said in a press release. "Sustainability is a core business principle at LG Electronics, and we are constantly evaluating the ways in which LG can unlock potential, create greater value and support our vision for a better life for all."
This is LG Electronic's second business discontinuation as it also pulled out its mobile phone business last year. It was shuttered due to low sales and burgeoning expenses.
