The decision 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’.

Lg has n’t said anything about possible layoffs except that’details related to employment will be determined at the local level’. The company expects to have completed the business’ closure by the end of July this year.

Lg’s recent high-end smartphones have struggled to compete. Its more affordable handsets have faced stiff competition from Chinese rivals.

Lg’s long-teased rollable phone is unlikely to ever see the light of day. The last time the company showed off the device was back at this year’s virtual CES.

Reports that LG has been considering exiting smartphones since at least the beginning of this year. A company spokesperson branded an earlier report about the company’s potential exit from the smartphone business’completely false and without merit’.

In March, reports emerged that the company had tried to find a buyer for its smartphone business. But talks had stalled and it could instead shut down the division.

Lg’s main display rotates to reveal a smaller secondary screen beneath it. Lg also tried its hand at a modular smartphone with the LG G5.

Lg’s more traditional handsets fell behind their rivals in core areas like camera performance. Lg’s most traditional handsets were n’t useful enough to turn the phones into mainstream hits.