“Labor and Management union to suspend in the case of no hope”… ‘Reorganization principle’ to be applied to GM Korea too?
Ye Jin Soo | jinye@ | 2018-04-11 11:20:30
The Korean government and the Industrial Bank of Korea are pushing the firm principle that if the will to restructure the labor union is not confirmed to STX Offshore & Shipbuilding, following the Sungdong Shipbuilding & Marine & Kumho Tires, STX Offshore & Shipbuilding will stick to the decisive principle.
The government and industrial banks are paying attention to whether this principle will be passed on to Korea`s GM, which has 300,000 jobs.
According to the shipbuilding industry and the automobile industry on April 10, the Korea Development Bank (KDB) stated that STX Shipbuilding and Labor would apply for a regulatory procedure (court administration) on April 10 after the midnight of the deadline of submitting a labor affirmation on the implementation of the self- STX Shipbuilding and Industrial Cooperation (E & P) will decide STX shipbuilding policy by examining the detail of the labor agreement and the feasibility of implementation, including a 40% reduction in the fixed costs submitted to the Bank of Korea on April 10.
The government and industry bank policy that "I will not solve the problem of the restructuring of insolvent companies with political logic" will be applied to Korea GM as well as STX Shipbuilding. The government and the government are adamant that GM headquarters will confirm the allocation of new cars, and that GM Motor Laboratories will be able to provide support if they agree on an additional reduction plan for welfare benefits.
An expert of the industry said, "Before the local elections on June 13, the political party`s observation that it would pour the blood on the insolvent companies because of the" cannibalism "has been missed." Also, Korea GM, which has been fighting for labor- I will not be forced to feel it. "
It is expected that the 8th meeting of the wage group negotiations in 2018, which will be held at 2:00 pm on April 12, will be the biggest watershed for the "disappeared" or "regenerating" GM`s final deadline is set to come on the 20th, and the end of April will end the due diligence of the Korea Development Bank.
Unless the labor-management agreement is concluded, GM`s headquarters is allocated new cars, and government support is not implemented every week, the worst-case scenarios, such as bankruptcy due to the collapse of the sales network and deterioration in liquidity of parts suppliers,
The industry analysis shows that the global automobile industry has changed drastically this year, unlike the time when GM Korea`s predecessor, Daewoo Motor,
GM plans to discontinue the minivan `Spark` produced at its Changwon plant instead of using new cars.
Accordingly, if a new car is not assigned to Korea, the production volume of Korea GM will be reduced to 350,000 units from 500,000 units per year next year.
Another automobile industry expert stated, "Shanghai GM`s sales volume has increased to 2 million units, while Korea GM production volume has shrunk to one-fifth of China." "Mexico can also become an alternative production base for GM Korea, GM`s location is getting smaller."
It has been pointed out that China is becoming a threat in relation to the small car research and development ability which is the advantage of Korea GM. GM`s global research and development base, Pan Asia Automotive Technology Center, is located in Shanghai.
By Ye Jin Soo jinye@
[ copyright ⓒ The Digitaltimes ]
The government and industrial banks are paying attention to whether this principle will be passed on to Korea`s GM, which has 300,000 jobs.
According to the shipbuilding industry and the automobile industry on April 10, the Korea Development Bank (KDB) stated that STX Shipbuilding and Labor would apply for a regulatory procedure (court administration) on April 10 after the midnight of the deadline of submitting a labor affirmation on the implementation of the self- STX Shipbuilding and Industrial Cooperation (E & P) will decide STX shipbuilding policy by examining the detail of the labor agreement and the feasibility of implementation, including a 40% reduction in the fixed costs submitted to the Bank of Korea on April 10.
The government and industry bank policy that "I will not solve the problem of the restructuring of insolvent companies with political logic" will be applied to Korea GM as well as STX Shipbuilding. The government and the government are adamant that GM headquarters will confirm the allocation of new cars, and that GM Motor Laboratories will be able to provide support if they agree on an additional reduction plan for welfare benefits.
An expert of the industry said, "Before the local elections on June 13, the political party`s observation that it would pour the blood on the insolvent companies because of the" cannibalism "has been missed." Also, Korea GM, which has been fighting for labor- I will not be forced to feel it. "
It is expected that the 8th meeting of the wage group negotiations in 2018, which will be held at 2:00 pm on April 12, will be the biggest watershed for the "disappeared" or "regenerating" GM`s final deadline is set to come on the 20th, and the end of April will end the due diligence of the Korea Development Bank.
Unless the labor-management agreement is concluded, GM`s headquarters is allocated new cars, and government support is not implemented every week, the worst-case scenarios, such as bankruptcy due to the collapse of the sales network and deterioration in liquidity of parts suppliers,
The industry analysis shows that the global automobile industry has changed drastically this year, unlike the time when GM Korea`s predecessor, Daewoo Motor,
GM plans to discontinue the minivan `Spark` produced at its Changwon plant instead of using new cars.
Accordingly, if a new car is not assigned to Korea, the production volume of Korea GM will be reduced to 350,000 units from 500,000 units per year next year.
Another automobile industry expert stated, "Shanghai GM`s sales volume has increased to 2 million units, while Korea GM production volume has shrunk to one-fifth of China." "Mexico can also become an alternative production base for GM Korea, GM`s location is getting smaller."
It has been pointed out that China is becoming a threat in relation to the small car research and development ability which is the advantage of Korea GM. GM`s global research and development base, Pan Asia Automotive Technology Center, is located in Shanghai.
By Ye Jin Soo jinye@