LG Electronics to stop producing smartphones in South Korea

SEOUL (Reuters) – LG Electronics Inc said on Thursday it would stop producing smartphones in South Korea and move manufacturing to Vietnam, joining global rivals in reorganising production as they battle a slump in global demand. “Their existence may be barely noticeable in the global smartphone market, but they have solid presence in the U.S. market. Shares in LG Electronics gained 3 percent, versus a 0.2 percent decline in the broader market as of 0224 GMT. LG also makes smartphones in China, Brazil and India. The restructuring of its money-losing business comes as LG, once one of the world’s top three mobile phone makers, has seen its global market share spiralling to less than 3 percent in the decade that smartphones came to dominate the mobile market.

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