Samsung makes deal on payouts to printer workers

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Samsung makes deal on payouts to printer workers

Samsung Electronics is paying an average of 60 million won ($52,406) in compensation to each worker at a printing unit sold to HP.

A committee representing some 6,000 workers at the sold unit reached a deal after an eighth round of negotiation with management to have their employment guaranteed for a minimum of five years, along with the cash compensation.

Samsung announced the details of the deal Friday at its factory in Suwon, Gyeonggi.

Management initially proposed 50 million won, citing precedents of chemical affiliates acquired by other conglomerates such as Hanwha and Lotte.

Upon approval from shareholders at an extraordinary meeting on Thursday, Samsung is to spin off the printing unit as of Nov. 1 and sell 100 percent of the newly created company and its overseas assets to HP.

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