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Hyundai shuts down marine business temporarily

Seoul - No wage will be paid during the period. The voluntary retirement plan is the fourth of its kind since 2015.

Seoul - The marine business unit of Hyundai Heavy Industries has finally decided to stop the operation of its plant for nine months due to the lack of work and receive applications for voluntary retirement from workers. No wage will be paid during the period. The voluntary retirement plan is the fourth of its kind since 2015. The business unit has failed to win a new contract since November 2014, when it clinched a deal for crude oil production facilities from the UAE. The last module for the project was shipped out on August 20. (read more here )

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