Hyundai Heavy Industries' shareholders approve split-up plan despite union backlash

Arirang News 2019-05-31

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현대중공업 주총서 회사분할 승인…대우조선 인수 첫 관문 통과

Shareholders have approved a plan to split up Hyundai Heavy Industries, bringing it one step closer to a merger with Daewoo Shipbuilding & Marine Engineering.
Workers at both firms have strongly opposed the merger, fearful of further job losses.
Today's decision means Hyundai Heavy would be split into a subholding company called Korea Shipbuilding & Marine and a reorganized Hyundai Heavy Industries, in charge of shipbuilding and offshore businesses.

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