UPDATED. 2024-05-30 07:33 (목)
Labor union for LG-Magna joint venture formed before company
Labor union for LG-Magna joint venture formed before company
  • Yang Tae Hoon
  • 승인 2021.08.05 15:44
  • 댓글 0
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Almost 2 weeks before the actual company formation
Image: TheElec
Image: TheElec

The labor union for the joint venture between LG Electronics and Magna International was formed even before the company was, TheElec has learned.

The labor union of LG Electronics made a filing to Incheon city on July 15 notifying the them of the formation of the union.

A Icheon city official said that it is undecided what labor organization the union is part of __ Korean Confederation of Trade Unions or Federation of Korean Trade Unions.

A LG Electronics representative said that the Incheon chapter of LG Electronics’ labor union was merely changing its name.

LG and Magna’s joint venture, called LG Magna e-Powertrain, was formed at the end of July, after initially being slated to be formed earlier in the month.

But Daelim University professor Kim Pil-soo said it was high unusual for the labor union of a company to formed before the company does.

The move could have Magna look at LG Electronics at a negative light, Kim said.

Foreign companies doing business in South Korea usually looks at the labor union culture in the country unfavorably.

The US Department of State, in its latest 2021 Investment Climate Statements, said chief executives of foreign companies in South Korea must prepare to face legal problems unless they take close at the labor union issues.

Professor Kim said there was a culture of being conservative in investing in South Korea among foreign companies due to the labor union culture here.

Magna had previously formed a joint venture with Hyundai Motor called WIA Magna Powertrain.

The venture had allowed Magna to experience the labor union culture of South Korea firsthand, which means it would have not found the formation of the labor union for LG Magna e-Powertrain favorably, a person familiar with the matter said.

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