On Wednesday, Hyundai Heavy Industries Co., Ltd. (HHI), the world's No. 1 shipbuilder, held a large company event for its workers at the flagship Ulsan shipyard to celebrate "No Strike for Ten Consecutive Years."
I find this significant since strikes in Korea are for many industries annual events.
Min Keh-sik, HHI’s vice chairman said the company has always shown respect for workers and tried to maintain jobs for them. Min notes " we came to believe that cooperation rather than conflict will be in the best interest for us.”
HHI's good labor relations are an exceptional in the nation's shipbuilding and heavy industry. Heavy industy has traditionally experienced labor unrest each summer when they negotiate yearly labor contracts.
Hyundai Heavy Industries commands about a 15 percent share of the global market. The company passed the "1,000 ships" benchmark in 2002, amounting to 80 million deadweight tons produced in total. HHI’s main shipyard is in the southern port city of Ulsan.
The shipbuilder has steadily expanded into other businesses as well. It now has divisions such as offshore structures and engineering, industrial plants, engines and machinery, and construction equipment. The company said it is aiming to become the top-notch player in all fields of the heavy industry sector.
Hyundai Heavy Industries was part of the Chung family-run Hyundai Group until 2000 when the holding company split into several major free-standing groups that includes the Hyundai Heavy Industries, Hyundai Automotive Group, Hyundai Departments Stores, the Korean Development Company and the Hyundai Group—Hyundai Asan, Hyundai Merchant Marine, and Hyundai Engineering and Construction. Founder Chung Ju Yung’s prior to his death distributed divisions of the former holding company among his sons. In the split, Chung Mong Joon , the sixth son gained control over HHI.
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