4:22 am - Thursday October 2, 2014

LG Electronics To Revamp Company By Next Year

Asia Bizz: LG Electronics To Revamp Company By Next Year

South Korea based electronics giant, LG Electronics has unveiled a plan to revamp its company some time next year. The plan includes closing down one of it’s divisions from the company and bringing it down to four; which would make them a more nimble corporate. This move came after the third quarter results of the company put direct pressure on the current management and has forced them to improve their operating standards at any cost.

According to a spokesperson of the company,  LG will be getting rid of the business solution unit and then concentrate on advanced technology and new businesses. The remaining four divisions will include – home appliance, air-conditioning & energy solution, home entertainment and mobile communications.

LG Electronics is the second largest LCD manufacturer in the world, in terms of revenue but it needed to revamp the company after they suffered a 99% decline in the third quarter this year. Earlier this year, the CEO of the company stepped down from his post after he witnessed the loss and poor management of the company

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