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Hyundai Rotem moves out of Seoul to Gyeonggi this month for a fresh start

Collected: 2016.03.10

Distributed: 2016.03.11

Source: Go Direct

[Photo:Hyundai Rotem]

South Korea’s leading rolling stock and defense equipment manufacturer Hyundai Rotem Co. will start moving out of the Hyundai Motor Group headquarters in Yangjae-dong, Seoul to nest anew at the Uiwang research center, Gyeonggi Province.

The relocation is part of efforts to pronounce a fresh start for the deficit-ridden heavy industries company by facilitating decision-making process and strengthening network between the sales division and the research center.

Under the relocation plan, 500 executives and employees at Hyundai Rotem in rolling stock, plant, heavy equipment business, purchase and administrative divisions will move to the Uiwang research center by the end of this month.

Hyundai Rotem has been also accepting voluntary resignations from managerial-level workers from early this year. Executives offered not to receive pay and other employees agreed to freeze salaries as part of cost-saving efforts.

To improve profitability, it will refuse cheap orders and recruit experts from overseas. It will focus to win the 3 trillion won ($2.4 billion) high-speed railway project in Turkey, a procurement slated for the second half of this year.

By Chun Beom-joo, Park Chang-young

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