‘LG’s Decision to Close Solar Panel Business Line

LG Electronics Inc. (LG) will close its solar panel business, and the decision was recently approved by the board of directors. The decision was made as uncertainties in the global solar panel business continue to rise due to various contributing factors, including intensified price competition and rising raw material costs.

LG will continue to stand behind its brand, and the company will continue to support existing LG solar panel users for a while after the business shuts down. Solar panel production by Q2 of this year to maintain sufficient inventory for future service support to be continued.

Business Solutions (BS) Company, which runs LG’s solar panel business, will organize its portfolio with a focus on Information Technology (IT) and Information Display (ID). The company aims to accelerate growth with a variety of advanced product lines and special services.

Going forward, LG will leverage its renewable energy expertise to create value for its customers. The company will focus on growth sectors and enter a new era of sustainability through rapidly evolving products and solutions, including the Energy Storage System (ESS), energy management solutions and other yet-to-be-announced developments.

Employees who will not continue with LG will be offered transition support and severance packages commensurate with their tenure at the company.

The shutdown of the solar panel business is expected to be completed by June 30, 2022.