April 17, 2024

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Unionized workers at Daewoo Shipbuilding & Marine Engineering plan to go on strike on Feb. 26 in a show of opposition to the planned sale to Hyundai Heavy Industries.

Last week, workers at DSME approved a walkout against the proposed deal. The shipbuilder’s union said its workers at the Geoje yard in southern Korea will lay down their tools for four hours in the afternoon.

HHI’s labor union also said its workers approved the proposed strike.

Early this month, the state-run Korea Development Bank said it would sign a formal deal with HHI early next month to sell its controlling stake in DSME.

KDB is DSME’s main creditor and has a 55.7 percent stake in the company.

The labor unions at HHI and DSME fiercely oppose the deal, claiming it could lead to massive layoffs.

The passage of the vote by HHI’s union may result in workers from the two shipyards joining forces to thwart the purchase.

By Ram Garikipati and newswires (ram@heraldcorp.com)