Goryeo Zinc Union: "MBK is a Plunderer... Urge Withdrawal of Tender Offer"

"Private Equity Funds Pursuing Short-Term Gains Neglect Workers' Well-Being"

The labor union of Korea Zinc criticized the multinational private equity fund MBK Partners, which launched a tender offer for Youngpoong and its shares, as a "predator" and urged the withdrawal of the tender offer.

On the 19th, the Korea Zinc labor union issued a statement saying, "The Korea Zinc labor union and workers urge MBK Partners to withdraw its hostile, malicious, and predatory tender offer." About 70 union members held a rally in front of MBK's headquarters that day.

Members of the Korea Zinc Labor Union are holding a rally in front of the MBK headquarters on the 19th. (Provided by Korea Zinc Labor Union)

The union stated, "Korea Zinc, the world's top non-ferrous metal smelting company with a 50-year history, is facing a tremendous threat of being taken over by the corporate raider private equity fund MBK Partners. The 2,000 workers of Korea Zinc can never tolerate the hostile, malicious, and predatory tender offer that threatens stable jobs and the livelihoods of families."

It continued, "MBK Partners, which pursues only short-term profits, destroys sound companies, and ruins the lives of its workers and the public, is a greedy predator wanting to fill its belly with more money," strongly criticizing the fund.

Furthermore, the union pointed out, "Using the excuse of improving governance and enhancing shareholder returns, MBK Partners seizes control of the company, then cuts personnel, reduces investments, maximizes dividend profits, and sells to foreign capital. This is truly a treasonous capital that devours the lives of the people and sells off national assets. The attempt to exploit Korea Zinc, built through 50 years of workers' sweat and dedication, with the dirty capital that colludes with the shabby and incompetent management of Youngpoong to squeeze the lifeblood out of other companies is a very inhumane and destructive act."

The union demanded ▲ MBK Partners' immediate declaration to withdraw the tender offer and immediate cessation of the invasion of Korea Zinc workers' jobs ▲ immediate halt to threats against the survival rights of Korea Zinc workers and their families ▲ and urged the government to actively respond to this tender offer, which risks plundering Korea Zinc, a core national infrastructure industry, and selling it to foreign capital.