LG Electronics has announced it is closing its solar panel business.
The company said this decision is due to growing uncertainties in the global solar panel business, including “the intensification of price competition” and the rising cost of raw materials.
LG will maintain customer support for existing solar panels, however only promises this “for a period of time after the business’s closure”.
The company is continuing solar panel production through to the end of June “to maintain adequate inventory for future service support”, which does suggest LG is serious about continuing support after the closure of business.
In Australia, the shift away from solar panels is expected to be of benefit.
“From an operational perspective there are 11 staff that work in our solar business in Australia,” a spokesperson told Channel News.
“LG is still working through transition plans, however, we hope to find new roles within the organsiation for those employees.
“Moving forward, LG Electronics Australia’s Business Solutions division BS plans to structure its business around two key pillars:
- Information Technology (IT) for monitors and laptops; and,
- Information Display (ID) for digital signage and commercial TVs.
“The closure of the solar panel business is expected to have a positive impact across all these key pillars, increasing the potential for growth and expansion in each case.”
