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On February 23, LG Electronics announced that it would withdraw from the global solar panel business and was expected to complete the closure of the business by June 30. The statement pointed out that this decision was approved by LG's board of directors in South Korea on February 22 after a comprehensive review of the increase in material logistics costs and the impact of severe supply restrictions on the solar business.
Thomas Yoon, President and CEO of LG Electronics North America, said, "After withdrawing from the solar panel business, LG Electronics will focus more on products and services that can have a greater impact and continue to create value for customers around the world."
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