Hanwha Impact Union Delegates Wage Negotiation Authority to Company... "Focusing on Strengthening PTA Competitiveness"

Delegation Ceremony for Wage Negotiation Based on Labor-Management Win-Win Held on the 12th

The Hanwha Impact Labor Union has delegated all authority regarding this year’s wage negotiations to the company.

Hanwha Impact announced on the 13th that it held the ‘2024 Wage Negotiation Delegation Ceremony’ at its Ulsan plant with this content.

Regarding the union’s delegation of wage negotiation authority, Hanwha Impact stated, "This is the result of the entire workforce agreeing and striving toward the goal of achieving the company’s vision based on mutual trust and communication between labor and management at Hanwha Impact," adding, "Labor and management at Hanwha Impact have united their intentions to overcome the downturn in the petrochemical industry and establish a sustainable 'Purified Terephthalic Acid (PTA)' business structure."

PTA is a basic raw material for polyester fibers. Terephthalic acid refined to a high purity is called PTA. It is used in various applications such as films, coatings, and industrial materials. Since its establishment in 1974, Hanwha Impact has led the localization of fiber raw materials by producing PTA for the first time in Korea.

Park Seong-gun, Chairman of the Hanwha Impact Labor Union, said, "We have delegated the authority for the 2024 wage negotiations to the management to focus all capabilities on strengthening the competitiveness of the PTA business this year," and added, "The labor union will take the lead in activities to achieve a zero-accident, zero-injury workplace as well as to make the PTA plant number one."

Lee Geun-cheol, General Plant Manager of Hanwha Impact, said, "I am grateful that labor and management have come together to cooperate for mutual growth at every important moment," and added, "We will do our utmost to successfully carry out the regular maintenance in the second half of the year and the competitiveness enhancement project, as well as to achieve the zero-accident goal."

At the '2024 Wage Negotiation Delegation Ceremony' held on the 12th at Hanwha Impact Ulsan Plant in Nam-gu, Ulsan, General Factory Manager Lee Geun-cheol (left) and Labor Union Chairman Park Seong-gun are taking a commemorative photo. [Photo by Hanwha Impact]

Hanwha Impact is carrying out a competitiveness enhancement project to secure a sustainable PTA business structure while prioritizing safety. The delegation of this wage negotiation authority was made possible through continuous cooperation between the company and the labor union.

Labor and management at Hanwha Impact promised to continue communicating for mutual growth and to unite their efforts to achieve the goal of strengthening business competitiveness.

In addition to the PTA business, Hanwha Impact is engaged in investment projects in future innovative technology fields such as energy transition, life sciences, and digital & data tech.