Rumours of Job Losses at LG Display
Published on: 23rd Dec 2013
LG's LCD manufacturing division LG Display is expected to announced job cuts as part of a restructuring of the company.
Around 10 to 20 percent of staff at both the offices and the assembly plants could be laid off, a source has told the Korea Herald ahead of the planned announcement.
The LCD market is over supplied at the moment, and prices are being squeezed, leading to tight margins. LG Display is generally expected to drop into a loss in 2014 as a result.
Smartphones also make up about 15 percent of LG Display's output, and increased price competition in that market has also put pressure on components suppliers to lower their prices.
LG Display denied the layoffs, saying a massive labor cut of this kind could seriously hurt the firm.
On the web: Korea Herald