LG TO EXIT GLOBAL SOLAR PANEL BUSINESS

Huntsville, Alabama., February 22, 2022 / PRNewswire / – LG Electronics Inc. comes out of the global solar business. The decision is approved February 22nd LG ‘s board of directors South Koreafollows from a comprehensive review of the impact of increased material and logistical costs, as well as severe supply constraints on the solar business.

Although panel production will stop this spring, LG will continue to support its U.S. solar customers for years to come. LG stands behind its brand and will fulfill a limited warranty on every product sold. In addition, consumers, installers and contractors in the US will benefit from LG’s increased focus on other energy-related businesses. Thomas YounPresident and CEO of LG Electronics North America.

In the future, LG will use its experience in the field of renewable energy to rediscover value to customers. The company will focus on the growth sectors and embark on a new era of sustainable development through solutions including energy storage systems and home energy management.

“In completing the solar panel business, LG is focusing on products and services that can have an even greater impact,” Yun said. “Sustainability is a core tenet of LG Electronics, and we are constantly evaluating ways in which LG can unleash its potential, create more value and support our vision of a better life for all.”

The change in business strategy will affect about 160 employees and about 60 contractors at LG’s corporate campus. Huntsville, Alabamawhere the company has been assembling solar panels since 2018. Panel production there is expected to continue in the second quarter.

“We hope to be able to retain many of our talented and dedicated employees,” Yun said. The company is meeting with U.S. solar workers to identify potential opportunities in other LG business and manufacturing units. Employees who will not continue to work at LG will be offered transition support and weekend packages commensurate with their seniority in the company.

The decision on the solar panel does not affect other extensive LG operations Huntsvillewhere the company has been for 40 years. Today, Huntsville is home to LG’s U.S. customer service headquarters with more than 500 local positions operating or supporting its operations.

LG’s evolving energy innovation portfolio encompasses many new products and services, where LG is a leader in the market, including energy storage systems, energy management solutions and various achievements that have not yet been announced. These technologies complement LG’s wide range of energy-efficient products, from heat pump dryers and water heaters to advanced HVAC solutions and leading in the Energy Star-certified home appliance industry.

Owners of LG solar panels can get more information at www.LG.com/SolarNotice or by contacting the LG Customer Support Center (1-833-388-2121).

About LG Electronics USA

LG Electronics USA, Inc., based in Englewood Cliffs, New Jersey, is a North American subsidiary of LG Electronics, Inc., a global innovator in technology and manufacturing worth $ 63 billion. У United States, LG sells a wide range of innovative home appliances, home entertainment products, commercial displays, air conditioning systems, energy solutions and car components. LG is a seven-time ENERGY STAR® Partner of the Year. The company’s commitment to environmental sustainability and its “Life is Good” marketing theme encompasses how LG is dedicated to people’s happiness, exceeding expectations today and tomorrow. www.LG.com.

SOURCE LG Electronics USA

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