South Korean defense and chemicals conglomerate Hanwha Group said Wednesday it will delay its on-spot inspection on Samsung Total Petrochemicals Co., one of the four Samsung affiliates that will come under its wing by June, due mainly to the protests from Samsung Total’s labor union against the sales plan.
Last year, Samsung said it would sell defense affiliate Samsung Techwin Co. and chemical unit Samsung General Chemicals Co. to Hanwha, a conglomerate whose main businesses include defense and solar power.
Two other affiliates, Samsung Thales Co. and Samsung Total, were also automatically included in the deal because they are half-owned by the companies being sold to Hanwha.
“We will not push forward on-site inspections that the labor union disagrees with,” an official from Hanwha said. “Although we may not conduct a site inspection, the takeover will proceed as planned.”
The labor union of Samsung Total said it will not allow the inspection in protest against Samsung’s unilateral decision to sell our company. “Not only does the union disagree, but (France-based) Total is also known to have expressed discontent,” said a labor union official at Samsung Total.
Hanwha plans to wrap up the acquisition during the first half of this year and has received government approval for the deal.
Earlier this month, thousands of workers from the four Samsung affiliates also staged a protest rally in Seoul against the sales deal. (Yonhap)
