LG will close its smartphone business this summer to focus on other areas.
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The South Korean company has confirmed plans to shut down the mobile unit by the end of July.
In a press release, the tech giant revealed: "LG’s strategic decision to exit the incredibly competitive mobile phone sector will enable the company to focus resources in growth areas such as electric vehicle components, connected devices, smart homes, robotics, artificial intelligence and business-to-business solutions, as well as platforms and services.
"LG will provide service support and software updates for customers of existing mobile products for a period of time which will vary by region.
"LG will work collaboratively with suppliers and business partners throughout the closure of the mobile phone business. Details related to employment will be determined at the local level."
LG added that its "mobile expertise" will be directed to to "technologies such as 6G to help further strength competitiveness in other business areas.
The announcement continued: "Core technologies developed during the two decades of LG’s mobile business operations will also be retained and applied to existing and future products."