Doosan Heavy Equipment to Suspend with Pay 400 Workers as Part of Self-Rescue

Power equipment maker Doosan Heavy & Construction Co. will suspend with pay about 400 employees as part of its self-rescue plan last month.

Workers to be suspended from Thursday until the end of the year will get 70 percent of their monthly wages.

The company may also sell its shares and assets.

Since the start of the crisis, 650 employees have left the company and 100 who volunteered to retire on Friday.

Doosan Heavy's first-quarter net loss of 371.4 billion shifted it from a 52.8 billion won net profit in the same period last year.

It blamed net losses to the cancellation of 10 trillion won orders for nuclear and coal-fired plant projects to more clean and renewable energy sources.

Doosan Heavy has opened two 400 billion-won credit lines with the Export-Import Bank of Korea and Korea Development Bank.