LG TO CLOSE SOLAR PANEL BUSINESS
Company Ending Solar Panel Production and Sales,
Committing More Resources to Growth Business Areas
SEOUL, Feb. 23, 2022– LG Electronics Inc. (LG) is closing the solar panel business. The decision was approved Feb. 22 by the LG board of directors in South Korea, as uncertainties in the global solar business continue to increase due to a variety of contributing factors, including the intensification of price competition and the rising cost of raw materials. LG will continue to stand behind its brand and the company will maintain support for customers of existing LG solar panels for a period of time after the business’s closure has been completed. Solar panel production itself will continue until the second quarter this year to maintain adequate inventory for future service support. LG’s Business Solutions (BS) Company, which operates the solar panel business, will reorganize its portfolio around the key pillars: Information Technology (IT), Information Display (ID). The company aims to accelerate growth with its diverse lineup of advanced products and tailored services. Going forward, LG will leverage its renewable energy expertise to unlock value for its customers. The company will concentrate on growth sectors and plug into a new era of sustainability through rapidly evolving products and solutions including Energy Storage System (ESS), energy man-agement solutions and other yet-to-be-announced advancements. The closure of the solar panel business is expected to be completed by June 30. LG solar panel owners can access additional information by emailing solar-svc@lge.com.# # #
About LG Electronics, Inc.LG Electronics is a global innovator in technology and consumer electronics with a presence in almost every country and an international workforce of more than 75,000. LG’s four companies – Home Appliance & Air Solution, Home Entertainment, Vehicle component Solutions and Business Solutions – combined for global sales of over USD 56 billion in 2020. LG is a leading manufacturer of consumer and commercial products ranging from TVs, home appliances, air solutions, monitors, service robots, automotive components and its premium LG SIGNATURE and intelligent LG ThinQ brands are familiar names world over. Visit www.LGnewsroom.com for the latest news. Media Contacts:LG Electronics, Inc.Lea Lee +82 2 3777 3981 lea.lee@lge.com www.LGnewsroom.com LG Electronics Canada, Inc.Shari Balga+1 647 261 3603shari.balga@lge.com
