Troubled smartphone maker Pantech is reported to have shut its handset division to focus on other activities including IoT.
The company struggled for a number of years as it failed to keep pace with Samsung and LG Electronics in the competitive South Korean handset market. While its local rivals have managed to build strong international presences, Pantech only managed to offer a few devices in the US.
It was reported some time ago the company was looking at machine-to-machine communications as an opportunity, in addition to seeking a potential buyer for the company itself. While the latter did not come to fruition, Pantech now appears to be pushing ahead with its alternative plan.
According to news publication Pulse, Pantech launched a new smartphone in 2016 named IM-100. The vendor aimed to sell 300,000 units, but fell short of the goal, instead shifting 132,000.
The company avoided bankruptcy in 2015 when it was acquired by a local consortium.