Englewood Cliffs, New Jersey-based LG Electronics USA, the North American subsidiary of LG Electronics, a manufacturer of consumer electronics, appliances, and mobile devices, has announced that it will be exiting the global solar panel business following a comprehensive review of the impact of increasing materials and logistics costs, as well as severe supply constraints, in their solar business.
While the company will wind down its solar panel production in the Second Quarter of 2022, it is committed to honoring the limited warranty provided with each product sold.
The restructuring will impact approximately 160 employees and 60 contract workers at LG's panel assembly facility located in Huntsville, Alabama.
According to a company spokesperson, "While exiting the solar panel business, LG is concentrating on products and services that can have an even greater impact. Sustainability is a core business principle at LG Electronics, and we are constantly evaluating the ways in which LG can unlock potential, create greater value and support our vision for a better life for all."
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