Struggling Hyundai Heavy lays off quite a few execs

Home > Business > Industry

print dictionary print

Struggling Hyundai Heavy lays off quite a few execs

Hyundai Heavy Industries, the world’s largest shipbuilder by sales, said Sunday it has cut a third of its executives in its offshore and engineering division as new orders have dried up.

The move came a month before the shipbuilder is due to suspend work at its offshore facilities shipyard. The suspension scheduled for August is the first in 35 years.

Hyundai Heavy has lost out to Chinese and Singaporean rivals in offshore projects in recent years due to its higher costs. The labor costs of Chinese and Singaporean shipbuilders are roughly a third of Hyundai Heavy’s. Yonhap
Log in to Twitter or Facebook account to connect
with the Korea JoongAng Daily
help-image Social comment?
s
lock icon

To write comments, please log in to one of the accounts.

Standards Board Policy (0/250자)