The company had earlier in the year hinted at the closure of its mobile phone division and now they have made it official.
“LG has recently made the difficult decision to close its mobile business to focus on other businesses that will provide new experiences and value for the consumers.” said the company in a notice on their website.
This shutdown was considered as a result of the company’s failure to secure a sales deal with two potential buyers.
However, LG says their products will still be available in the market while stocks last.
“We will fully honor our product limited warranties, and will also continue providing software and security updates as well as replacement parts in accordance with applicable regulations and contractual obligations,” LG said assuring their clients.
The smartphone business has brought the company a loss of $4.5 billion in the last five years attributed by high competition in the market.
The company reported it has stopped the development of its rollable phone which was to be released in the first half of this year.
LG products have not impressed users enough for the company to thrive in the smartphone market hence their withdrawal.
The company further said it will now drive its focus on its other smart technologies as it continues to deliver a wide range of innovative products and services that make life better.