Local towel maker earns trust through transparent management, open discussion
Social affairsDec 1, 2021
Songwol, a South Korean towel maker, has received a presidential award for its decades-long effort to improve labor-management relations, the Korea Labor and Employment Service, Wednesday. Founded in 1949, Songwol is a local towel manufacturer with around 35 percent of the market share. Now a leading towel maker, Songwol was on the verge of bankruptcy during the Asian financial crisis of 1997, when South Korea sought official assistance from the International Monetary Fund. Songwol said the