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(Pocket-lint) - LG has responded strongly to claims that it could soon close or sell its smartphone arm.

In a statement sent to Pocket-lint it said: "The article regarding closure of LG’s mobile business is based on old, unfounded rumors and speculation that have no basis in fact."

It came after The Korea Herald quoted company CEO, Kwon Bong-seok, telling staff that its smartphone business could experience major change: "Regardless of any change in the direction of the smartphone business operation, the employment will be maintained, so there is no need to worry," he allegedly said.

An unnamed LG official was also quoted as saying: "Since the competition in the global market for mobile devices is getting fiercer, it is about time for LG to make a cold judgment and the best choice. The company is considering all possible measures, including sale, withdrawal and downsizing of the smartphone business."

There were rumours beforehand too, suggesting LG could licence its brand as an OEM, for a third-party manufacturer to make and sell LG phones.

However, that has since been fully refuted by the Korean firm as you can see above.

If we find out more about LG's future smartphone plans, we'll let you know.

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Writing by Rik Henderson.