LG Electronics to quit PV panel business
Post date: 23/02/2022 - 15:14
South Korea’s LG Electronics Inc. exits the solar module business. The decision was approved by the board of directors on the night of Feb. 22-23 and came » as uncertainties in the global solar panel business continue to increase due to a variety of contributing factors, including the intensification of price competition and the rising cost of raw materials.«
Module production is expected to continue into the second quarter. The company will continue to service owners of LG modules »for a period of time«. LG’s Business Solution unit, responsible for the solar panel business, will reorganize its portfolio around the »Information Technology« (IT) and »Information Display« (ID) businesses. In renewable energy, LG plans to focus on storage systems and energy management in the future, as well as »other yet-to-be-announced advancements.«
»Employees who will not be continuing with LG« will be offered transition solutions. LG Electronics USA, for example, stated in its own announcement that about 160 employees and 60 contract workers will be affected at the Huntsville, Alabama, site, where LG modules have been manufactured since 2018. It said it hopes to be able to place many of them in other areas. In total, around 500 people work for LG in Huntsville.