According to industry sources, Hyundai Heavy Industries are set to halt all operations at its Gunsan Shipyard.
The South Korean company has offered voluntary redundancy packages to all 650 employees at its Gunsan shipyard as part of its business restructuring process.
The workers’ union report that the voluntary redundancy process has already begun. It is believed that this will last for approximately three weeks, with each worker that applies eligible to receive 40 months of salary pay, tuition fees for their children and a bonus for the Spring Festival.
Any workers that choose to stay with HHI will be transferred to the Ulsan shipyard.
This news casts further doubt on a South Korean industry where Samsung Heavy, Hyundai and Daewoo reported combined losses of $7.5 Billion last year alone.
The ship yard is scheduled to close for good this March.
Last year (November 2016), PTI reported the four-way split of Hyundai Heavy Industries.