Daewoo Shipbuilding to Cut Workforce 24% Amid Mounting Losses
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Daewoo Shipbuilding & Marine Engineering Co., the world’s second-largest shipbuilder, plans to eliminate 3,000 jobs, or 24 percent of its workforce, this year as part of a restructuring plan to improve its financials.
Daewoo is receiving applications for a voluntary retirement program until Oct. 21, the Geoje, South Korea-based company said an e-mailed statement Wednesday. The company had 12,699 employees on its payroll at the end of June. Including contract workers, the company employs about 40,000 people.