LG Display seeks job cuts

18 September, 2019 12:00 AM printer

SEOUL: South Korea’s LG Display Co Ltd on Tuesday announced a voluntary redundancy program 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 (AAPL.O), announced Chief Executive Han Sang-beom had stepped down following an emergency board meeting, report agencies.

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.