Pantech suspends IoT unit a year after stopping handsetsPantech, formally Korea’s No. 3 smartphone maker until suspending its handset business last year, said Wednesday it decided to sell its Internet of Things (IoT) division.
The company was on the verge of facing bankruptcy before being acquired by local telecom device firm Solid Inc.
Through a regulatory filing, Solid said it would sell Pantech’s IoT business to Woori-Net, another Korean telecom firm.
Pantech struggled to normalize its operations by releasing the IM-100 smartphone last year, but the company eventually decided to end production of handsets and instead focus on the IoT technology business.
The latest decision marks another end to Pantech’s major businesses, casting clouds over its fate down the road.
Pantech used to be viewed as one of the most innovative handset makers in the globe and was the first company anywhere to incorporate a fingerprint sensor into a smartphone.