The Korean Confederation of Trade Unions(KCTU) and the Hyundai Heavy Industries(HHI) union local of the Korean Metal Workers Union(KMWU) demanded that HHI should stop the shareholders meeting on February 27 which is, unions believe, to seek for the endorsement of the business spin-off plan. Unions suspect that the spin-off plan aims at the corporate restructuring involving massive layoffs and the succession of management right.

The HHI plans to split the non-shipping businesses from the shipbuilding and marine plant divisions into three separate entities such as Hyundai Electro Electric Systems, Hyundai Construction Equipment and Hyundai Robotics. The plan comes complete with two more entities to be established in the businesses of green energy and facility support operations.

reported by Je Jeong-nam
translated by Kim Sung-jin

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