The board of directors of LG has decided to close its solar panel business by June 30. The board decision comes as uncertainties in the global solar panel business continue to increase due to a variety of contributing factors, including the intensification of price competition and the rising cost of raw materials. Solar panel production itself will continue until the second quarter this year to maintain adequate inventory for future service support.
LG will continue to stand behind its brand and will maintain support for customers of existing LG solar panels for a period of time after the business’s closure has been completed. LG Business Solutions, which operates the solar panel business, will reorganize its portfolio around the key pillars: Information Technology and Information Display. Employees who will not be continuing with LG will be offered transition support and severance packages commensurate with their tenure with the company.
LG will concentrate on growth sectors and plug into a new era of sustainability through rapidly evolving products and solutions including Energy Storage System (ESS), energy management solutions and other yet-to-be-announced advancements. The closure of the LG solar panel business is expected to be completed by June 30.