Hyundai Guarantees Job Security for LG Semicon Workers

Hyundai Electronics Industries and LG Semicon agreed to guarantee the job security of LG Semicon workers for at least two years after the official merger of the two firms.
The agreement between Hyundai Electronics's executive Kim Byung Hoon and his counterpart in LG, Jang Jae Hwa, with LG Semicon's union leader, Kang Yong Chol, came on April 26 when Hyundai and LG groups made a consensus to merge the two chip makers by July.
According to the agreement, Hyundai will pay LG 1.56 trillion won and the remaining 1 trillion won in installments by June 2002.
Hyundai's Kim said, 'We will take over the entire LG Semicon workforce as soon as the transfer of LG Semicon shares to Hyundai is completed.'
He also promised not to discriminate against LG Semicon employees in terms of promotion, wages, and other areas for 24 months after the acquisition.
Shang-bok Shim : simsb@joongang.co.kr