LG Electronics might be closing its mobile communications business instead of selling it. The news from a source close to the matter. Reportedly, the negotiations regarding the sale of the smartphone unit have failed.
According to a report from DongA Ilbo (Via Bloomberg), the South Korean tech giant’s plans on selling its mobile phone business has failed, with negotiations with Germany’s Volkswagen AG and Vietnam’s Vingroup JSC now being off the table. Earlier this year, the consumer electronics manufacturer’s CEO had stated that the company is considering all options for its loss-making business. Since then, it has been reported that LG Electronics has been seeking the sale of the smartphone unit.
Previously, the company had apparently halted the development of its upcoming smartphone with a rollable display, back in February. Now, it is also being reported that the brand will also be shelving its plans to launch any new smartphones within the first half of this year. In other words, it is effectively stopping any new devices from rolling out at the moment. Furthermore, the company may share its decision with the public and to its employees as soon as early April.
Notably, a recent Bluetooth SIG certification has given hope of the rollable smartphone’s launch, while a company spokesperson had also stated that the handset’s development has not been suspended. Unfortunately, this is still an unconfirmed report, so take it with a pinch of salt and stay tuned for more, as we will be providing updates when additional information is available regarding this matter.
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