Daewoo Shipbuilding to cut wages, sell assets to stay afloat: report
May 31, 2016
Troubled South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering is seeking pay cuts and sales of subsidiaries as part of self-rescue efforts to stay afloat, a local news report said Tuesday.Based in Geoje in South Gyeongsang Province, the shipbuilder plans to slash 10-20 percent of the wages of executives, office workers and manufacturing employees, as well as to sell shipbuilding subsidiaries such as DSEC, Samwoo Heavy Industries, Shinhan Machinery and Welliv, Yonhap News Agency said