Workers at Ssanghong Motor Co's plant in Pyeongtaek, 70 kilometers south of Seoul, staged a half-day strike to protest the proposed acquisition of the South Korean car maker by China National Bluestar Group. The strike preceded a field inspection of the plant by China National Bluestar. Ssangyong employees blocked entrances to the plant to prevent the Chinese visitors from entering.
South Korean creditors inked a memorandum of understanding in December 2003 to sell a controlling 49 percent share in South Korea's fourth-largest car maker to Bluestar, a chemical firm. Bluestar is considering investing US$1bn in Ssangyong and offering a job security pledge to employees.