LG Electronics, South Korea’s second-largest electronics maker, is pulling out of its electric pressurized cooker business after a series of consumer complaints about explosions, its subcontractor said Monday.
Bubang Techron, a domestic company that supplies electric pressure cookers to LG Electronics under an original equipment manufacturing contract, said it will sell the goods under its own brand from next month.
Bubang Techron, which has a share of about 20 percent of the domestic electric pressurized cooker market, plans to expand its monthly production capacity to 80,000 units from the present 15,000 units after the acquisition is over.
