The board of directors of LG Electronics Inc. (LG) announced its decision to close the solar panel business next June, within the framework of the fluctuations that the global industry has been experiencing such as “the intensification of price competition and the increase in of the cost of raw materials.

The LG company stated that it will continue to sponsor its brand and maintain the technical support and support that current customers require to keep their LG solar panels. Likewise, it pointed out that the production of solar panels will be maintained during the second quarter of the year in order to maintain “an adequate inventory to support future services.”

On the other hand, LG reported that it will offer “transition support and gravity packages in accordance with their permanence in the company” for all those employees who do not continue working with the organization.

Portfolio reorganization

The company is designing plans for the future in which it plans to maximize its “experience in renewable energy to generate value for its customers.” One of the plans of LG’s Business Solutions (BS) Company, responsible for managing the solar panel business, is to reorganize its portfolio based on key pillars such as: information technology (IT) and information visualization (ID).

Among its new objectives are to increase growth in the different lines of “advanced products and personalized services”, concentrating on growing sectors. It also plans to connect with the new era of “sustainability through rapidly evolving products and solutions, including energy storage system (ESS), power management solutions and other yet-to-be-announced advances.”

M. Rodríguez

Source: descifrado.com

La entrada LG to close its solar panel business in June apareció primero en Bitfinance.