Hyundai Electric & Energy Systems hit by layoffs

Korea: Hyundai Electric & Energy Systems announced the cutting of its payroll and the Hyundai Heavy Industries Group unit said it will receive retirement letters from all of its executives and accept 40 percent of them.

The company, which makes transformers and other electrical equipment, attributed the job cuts to declining orders from its main client, the Korea Electric Power Corp.

“We have made many efforts to overcome the current crisis while keeping the current workforce, but decided to launch a restructuring plan as both domestic and overseas markets continue to slow down,” Hyundai Electric CEO Jung Myung-rim said.

Source: Korea Times