LG Electronics to close solar panel biz amid uncertainties

LG Electronics' headquarters in Seoul / Yonhap

LG Electronics said Wednesday that it will discontinue its solar panel business due to rising costs and fierce competition.

The decision came "as uncertainties in the global solar panel business continue to increase due to a variety of factors, including price competition and the rising cost of raw materials."

LG said it will commit more resources to its core business sectors, including consumer appliances, and other future growth engines such as robots.

The closure of the solar panel business is expected to be completed by June 30, it said. (Yonhap)