INTERNATIONAL – South Korea’s LG Display on Tuesday announced a voluntary redundancy programme for its domestic production line employees amid mounting financial losses.
News of the possible job cuts came a day after the company, which supplies display screens supplier to Apple, announced chief executive Han Sang-beom had stepped down following an emergency board meeting.
The company did not put a figure on how many of its around 23 000 South Korean production line workers it hoped would take up its offer.
LG Display has been struggling with a global supply glut in liquid-crystal displays (LCDs) used in television sets, which has pushed down prices.
The South Korean company is shifting its mainstay liquid LCD business toward next-generation organic light-emitting diode (OLED) panels, which cost massive investment, as the LCD panel industry is crowded with Chinese rivals.