LG is one of the largest consumer electronics manufacturers in Spain, although its mobile division is increasingly less relevant. So much so, that a few days ago we learned of the statements of the current head of the mobile division, in which he stated that it was time to think with a cold mind.
Kwon at that time said that within the company they were evaluating all the possibilities, going from reducing the investment in said division to more drastic measures such as closing this division or selling their business to a third company. And it seems that there would be a company with great interest that we already knew in Spain.
LG, on its mobile division: “It is time to judge coldly”LG’s mobile division could be facing its end. According to the top leader of the division, they are considering all the possibilities in view of the future.
The Vietnamese group that bought BQ, interested in taking over LG
If we mention Vingroup, it may be a name that sounds familiar to you. It is a Vietnamese group that in December 2018 took control of the Spanish company BQ, a brand that is practically extinct today.
According to Business Korea, the Vietnamese group would have put on the table the most attractive offer among all the companies that were interested in taking over LG’s mobile division, and it seems that the South Korean company would already be talking to sell its mobile division.
The relationship between Vingroup and LG is not new, and it is that the Vietnamese group was already manufacturing mobile phones for LG under the ODM model. On the other hand, Vingroup’s main interest in the acquisition of LG would be encouraged by the company’s position in the United States market, the only market in which LG continues to have a significant market share, with 12.9% during the past 2020.
Given BQ’s fate, even if Kwon assured its employees that no one would lose their jobs, the future for those who move to the Vietnamese company may not end up being so clear.
Entry LG would be interested in selling its mobile division to the group that bought BQ appears first in El Androide Libre.