South Korea's LG Electronics Inc said it will wind down its plasma television business by end-November, as a technology long overtaken by liquid crystal display takes one step closer to its demise.

LG Electronics said in a regulatory filing on Tuesday that the decision reflects a decline in demand for plasma TVs, with the business accounting for 2.4 percent of its 2013 annual revenue. The exit was widely anticipated as LCD TVs have become the mainstay in global markets.

"We wanted to keep it going as long as we could," LG spokesman Ken Hong told Reuters, noting that LG Electronics has been making its own plasma panels. "No matter how much we try to keep it going it's just not a business anymore."

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