South Korean shipbuilder Hanjin Heavy to cut workforce by 30%

Hanjin Heavy Industries and Construction Co., South Korea's fifth-largest shipyard, said it plans to slash its shipbuilding workforce by at least 30 per cent to help overcome a management crisis arising from a worldwide recession in the industry. The plan calls for the company to begin layoffs in its shipbuilding unit in February next year and spin off part of its technology group.
"The company did not receive any new ship orders this year and we are not structurally capable of taking on low-priced orders at the moment," it said. "For the survival of the company, layoffs and workforce restructuring are inevitable."