Hanjin Heavy to cut workforce by 30 pct

SEOUL, Dec. 31 (Yonhap) -- Hanjin Heavy Industries and Construction Co., South
Korea's fifth-largest shipyard, said Thursday it plans to slash its shipbuilding
workforce by at least 30 percent to help overcome a management crisis arising
from a worldwide recession in the industry.

The plan calls for the company to begin layoffs in its shipbuilding unit in
February next year and spin off part of its technology group.
"The company did not receive any new ship orders this year and we are not
structurally capable of taking on low-priced orders at the moment," it said. "For
the survival of the company, layoffs and workforce restructuring are inevitable."
yerankim@yna.co.kr
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