Report: Hyundai set to slash 10 pct of its workforce?

South Korean shipbuilding company Hyundai Heavy Industries is reportedly set to slash 10 percent of its workforce, a preemptive move to survive the protracted slump in the shipbuilding industry.

South Korean Pulse News reported on Thursday, quoting industry sources, that the shipbuilding giant will reportedly cut 10 percent of its total 27,000 employees including those working at dockyards, and some even projected more than 3,000 employees would be subject to company’s workforce reduction plan.

The Korean news source also said that Hyundai plans to streamline the organization by shutting down nearly 100 out of 388 divisions, that make about 20 percent of the group.

Offshore Energy Today has reached out to HHI seeking confirmation of these reports, but the company was not immediately available for comment.

Back in January 2016, reports emerged that HHI planned to temporarily shut down its rig construction yard in Onsan, South Korea due to scarce new orders.

Offshore Energy Today Staff

Share this article

Follow Offshore Energy Today

Events>

<< May 2019 >>
MTWTFSS
29 30 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31 1 2

08th OIL & GAS AFRICA 2019 CONFERENCE

OIL & GAS AFRICA is one of the most prime regional & international Oil and Gas conferences in East Africa…

read more >

FPSO Brazil Congress 2019

Charging ahead with 24 planned orders by 2022, Brazil has once again solidified its status as one of the world’s foremost oil and gas leaders…

read more >

OWI WA 2019

West Africa’s only dedicated Offshore Well Intervention Conference is returning for its second year…

read more >

OIL & GAS PHILIPPINES 2019

Oil & Gas Philippines event display products like Oil & gas, fire protection systems and materials…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply