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LG Electronics exits fading plasma TV business

Posted: 29 Oct 2014 ?? ?Print Version ?Bookmark and Share

Keywords:plasma? LCD? Panasonic? LG Electronics?

LG Electronics will quit producing plasma-display televisions by end-November, signalling the impending demise of a technology that has long been surpassed by LCD and OLED, reported Reuters.

The South Korea-based company attributed the decision to the weakened overall demand for plasma TVs, which represented 2.4 per cent of its 2013 annual revenues. In the global market, LCD TVs have emerged as the mainstay product.

LG's Infinia PZ950

LG's Infinia PZ950, touted as the best plasma TV for its added smart functions. (Source: LG)

LG spokesman Ken Hong told the Reuters that it has become impractical for the company to keep the business going as it has stopped making profits.

Plasma displays are lagging far behind the advances in screen resolutions, in addition to consuming more energy and generating more heat than LCDs, the publicationquoted analysts. The drawback has pushed most of the big manufacturers out of the game.

In Japan, Panasonic, once the pioneer of plasma display panel development, ditched the business in October 2013. Hitachi pulled out in fiscal 2008. Pioneer called it quits a year later, leaving Panasonic as the last company to abandon plasma screens. (Read full story: Panasonic to abandon unprofitable plasma TV business.)

Once LG exits, Samsung Electronics Co. Ltd would be the last major player.

NPD DisplaySearch expects worldwide plasma TV shipments to plunge to 500,000 in 2015 from 5.2 million in 2014.

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