The board of directors of LG announced, this Tuesday (22), that it is closing the solar panel business.
The decision, according to the company, is due to the intensification of price competition and the increase in the cost of raw materials.
In a statement, the company stated that it will continue to support its brand and will maintain support for customers who purchased LG modules for a period after the closure of this segment, which must be completed by June 30th.
Regarding the production of photovoltaic panels, it will continue until the second quarter of this year to maintain adequate inventory for future service support.
LG's Business Solutions, which operates businesses related to the solar sector, will reorganize its portfolio around the main pillars: Information Technology and Information Display.
“Moving forward, we will leverage our renewable energy expertise to unlock value for customers. The company will focus on growth sectors and connect to a new era of sustainability through rapidly evolving products,” LG said.
Such projects, according to the company, will include ESS (Energy Storage System), power management solutions and other advancements yet to be announced.
“Employees who do not continue with LG will receive transition support and severance packages commensurate with their tenure at the company,” they concluded.
