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Panasonic exits the plasma TV market, LG continues production

Panasonic announced this week that it will stop manufacturing plasma TV panels as of December. In a separate announcement, LG confirmed it would continue producing plasma TVs, for now.

Panasonic will stop selling plasma TVs to consumers by March 2014, coinciding with the closure of business operations at its plasma factories.

The company cited the weakening demand for plasma displays in a market dominated by LCD panels as the basis for its decision.

“Until now, due to the superiority of the picture, Panasonic’s PDPs (plasma display panels) have received high appraisal and there has been firm demand from customers worldwide. However, due to rapid, drastic changes in the business environment and a declining demand for PDP in the flat panel display market, it was judged that continuing the business would be difficult and a decision was made to stop production,” Panasonic said in a statement. 

Panasonic added that it would develop new products for the display market, such as its recently unveiled first OLED TV prototype.

In the meantime, LG has confirmed, in an official statement, that it will continue producing the sets:

“We recognize the importance of offering consumers choice. Plasma TVs continue to prove popular with consumers, offering large screen sizes at competitive prices, and therefore remain an important part of LG’s TV lineup”

However, the electronics giant also added that it believes LED and OLED TVs represent the future of home entertainment.