Hyundai Motor said on Thursday its talks with the labour union to launch a €400 million ($US432 million) truck joint venture with DaimlerChrysler AG were delayed again, according to Reuters.
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Hyundai spokesman Jake Jang told the news agency management failed to hold a final round of negotiations set for Thursday with unionised workers, who are seeking job guarantees and financial perks before being transferred to the joint venture.
“The scheduled meeting was delayed because the union needs more time,” Jang told Reuters, adding: “The next meeting has not been fixed yet.”
Reuters noted that DaimlerChrysler, which already owns 10% of Hyundai, is seeking to deepen its ties by launching a 50/50 joint venture in South Korea to manufacture trucks, but the launch had been pushed back for months by demands by Hyundai’s unionised workers.
