LG Show seeks job cuts amid mounting monetary losses

FILE PHOTO: A person walks out of the headquarters of LG Show in Seoul, October 20, 2011. REUTERS/Jo Yong-Hak/File Picture

SEOUL (Reuters) – South Korea’s LG Show Co Ltd (034220.KS) on Tuesday introduced a voluntary redundancy program for its home manufacturing line workers amid mounting monetary losses.

Information of the potential job cuts got here a day after the corporate, which provides show screens provider to Apple (AAPL.O), introduced Chief Govt Han Sang-beom had stepped down following an emergency board assembly.

The corporate didn’t put a determine on what number of of its round 23,000 South Korean manufacturing line employees it hoped would take up its provide.

LG Show has been battling a worldwide provide glut in liquid-crystal shows (LCDs) utilized in tv units, which has pushed down costs.

The South Korean firm is shifting its mainstay liquid LCD enterprise towards next-generation natural light-emitting diode (OLED) panels, which price large funding, because the LCD panel business is crowded with Chinese language rivals.

An organization spokeswoman, Jean Lee, stated the cuts have been a part of an emergency plan to extend price efficiencies in panel manufacturing in addition to different bills.

LG Show stated it deliberate to take voluntary redundancy purposes from Korean employees who had been on the firm 5 years or extra over the subsequent few weeks. The corporate has 59,000 workers globally, together with in China.

Reporting by Ju-min Park; Enhancing by Christian Schmollinger and Jane Wardell

Author: Maxwell C.

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