LG reviews mobile business

Amid reports that it is exiting the smartphone business, LG Electronics has shared that it is thoroughly reviewing the direction and open to all possibilities.

The move comes on the back of 23 consecutive quarters of losses that totalled to about five trillion won.

“LG Electronics believes that it has reached the point where we need to make the best decision about our mobile phone business, considering current future competitiveness,” said an LG Electronics statement.

In an internal memo, Kwon Bong-seok, CEO of LG Electronics assured employees that their job would be secure and that they need not be anxious on the direction taken.

Among the suitors is Vietnam’s Vingroup, which has reportedly come forward with an attractive offer.