FILE PHOTO: A man walks out of the headquarters of LG Display in Seoul, October 20, 2011. REUTERS/Jo Yong-Hak/File Photo
SEOUL (Reuters) – LG Display said on Tuesday that it would launch a voluntary redundancy program for its production line employees after mounting financial losses.
LG Display, a display screen supplier to Apple (AAPL.O), said in a statement it is undertaking the redundancies as part of a emergency management system to address falling earnings and lower panel price because of an oversupply of Chinese panels.
The company said it planned to take voluntary redundancy applications from workers for about three week starting from Sept. 23.
Reporting by Ju-min Park; Editing by Christian Schmollinger