LG Electronics Inc.‘s board of directors has voted to close the company’s solar panel business. The company stated that the decision was made as uncertainty in the global solar panel market continues to grow due to a number of contributing factors such as the intensification and rising cost of raw material.
LG will continue to stand behind its solar brand and the company will maintain support for customers of existing LG solar panels for a period of time after the business’s closure has been completed. The production of solar panels will continue up to the second quarter of 2012 in order to keep sufficient inventory for future service support.
The closure of the business in solar panels is expected to take place by June 30. LG’s Business Solutions (BS) Company, which operates the solar panel business, will reorganize its portfolio around information technology and information display.
LG will continue to leverage its renewable energy expertise and focus on growth sectors. LG will also plug into a new era in sustainability through rapidly evolving products, solutions, and services, including energy storage systems and energy management solutions, and other yet-to be announced advancements.