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Updated: LG Electronics to can seven foreign HQs

North America, Europe affected with additional action promised

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South Korean English language newspaper the Korea Herald has reported that LG Electronics is to shut down seven of its eight overseas business HQs. The division, part of massive chaebol LG, currently employs well over 30,000 employees, but it is not known how many jobs will go following the move. The division has offices in North and South America, Europe, the CIS, Japan and in other parts of the world. Sources close to LG Electronics in the UK said that it was likely an announcement will be made locally next week, with its Welsh and Slough offices affected by the move. The sources said that details in the Herald were not entirely accurate. According to the newspaper, its Chinese HQ will remain, while overall control for manufacturing and marketing will now report directly in to Seoul. LG Electronics will also leave the printer business, it said. ®

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