South Korea-based electronics company LG Electronics Inc. has halted its plans to establish a solar cell joint venture with Germany's Conergy AG. LG has noted that the current global financial crisis weighed into the company's decision.
‘We've decided to end talks on the joint venture, considering the recent credit crisis and differences over strategic direction,’ LG Electronics commented in a regulatory filing.
LG had signed a non-binding preliminary deal with Conergy in September to set up a joint venture in a bid to tap into the renewable energy business. LG says it is still pursuing other activities in the solar cell business.