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SK Chemicals Faces Worker Protests Over Pharmaceutical Business Sale to Private Equity Firm

South Korea
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SK Chemicals is encountering resistance from its unionized workers over its decision to sell the pharmaceutical business to local private equity firm, Glenwood Private Equity, for around KRW 600 billion (approximately $444 million). Unionized white-collar workers in the pharmaceutical business division expressed discontent, asserting that they were unaware of the deal until it was reported in the news. They have threatened to strike unless the buyer guarantees their job security after the acquisition. Another union, representing workers at the Cheongju factory, emailed the vice chairman of SK Discovery urging the management to reverse the decision.

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