Appliance maker LG Electronics Inc. announced that it has decided to liquidate its microwave oven manufacturing company in Britain due to the firm's declining competitiveness and profitability.
"LG Electronics North of England, which has been producing microwave ovens since 1988, will be liquidated," the company said in a statement.
It explained that the decision was made in the face of mounting labor costs in Britain and challenges from low-priced microwave ovens imported from China. (Yonhap)
Back to Breaking News