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Technology Stocks : Micron Only Forum
MU 263.78+4.5%3:59 PM EST
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To: TREND1 who wrote (42543)1/28/1999 10:57:00 AM
From: DJBEINO  Read Replies (2) of 53903
 
Semiconductor Sector In Chaos

When LG announced at the start of the month that it would allow its semiconductor business to be absorbed by Hyundai Electronics for a cash payment and a minimum guarantee of employment for workers there, it seemed as though a smooth transition would take place. However, workers at LG Semicon are now on an all out strike and several thousand from the Chongju and Kumi plants converged on LG headquarters in Yoido, Seoul to hold a rally demanding the survival of the company as an individual entity, as well as job guarantees.

The five day strike since January 24, has seen many companies that rely on parts from LG, including Hewlett Packard and IBM, looking for alternate sources as their production lines are hit. In Yongsan Electronics Market, the price of DRAM chips has risen 10% during the duration of the walkout.

Workers are demanding 60 months severance pay from LG and job guarantees of between five and seven years from Hyundai. This is seen as a reflection of workers perception of the insincerity of Hyundai's management who promised no lay-offs when it too over Kia and then promptly fired 30% of the work force. Hyundai refuse to make any promises regarding guarantees. LG say that it will return the mass resignations handed in, but will only pay compensation according to legal requirements.
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