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>> Exposure of the preliminary compensation plan for Samsung's 8.5-generation line of Suzhou employees: the highest exceeds "N+3" 4th,August,2020
Industry chain sources revealed to Wit Display that Samsung Display is discussing with TCL Technology on the equity transfer of the 8.5-generation LCD production line in Suzhou, the acquisition and handover of the Suzhou module production line, and has drafted a preliminary plan for compensation/credit. Samsung Display employees The representative is soliciting opinions from employees in private, and the maximum compensation is higher than "N+3".
According to Wit Display, the Samsung Suzhou module production line project company is Suzhou Samsung Display Co., Ltd. Samsung Display holds 100% of the company.
Samsung Suzhou’s 8.5-generation LCD panel production line project company is Suzhou Samsung Electronics LCD Technology Co., Ltd., currently employs more than 1,000 people, Samsung Display, Suzhou Industrial Park State-owned Assets Holding Development Co., Ltd., and TCL China Star Optoelectronics Technology Co., Ltd. There are 60%, 30% and 10% equity in the company.
"Samsung Display plans to sell Suzhou Samsung Display Co., Ltd. to TCL Technology, and transfer 60% of the shares of Suzhou Samsung Electronics LCD Technology Co., Ltd. to TCL Huaxing (TCL Technology). The delivery is expected to be completed in October." Industry chain sources told Wit Display revealed.
The source also revealed that, in order to achieve a smooth delivery, Samsung Display is working on compensation plans for internal business representatives. Among them, the initial compensation plan for employees of Suzhou Samsung Display Co., Ltd. may only be "N+1". The initial compensation plan for employees of Suzhou Samsung Electronics Liquid Crystal Display Technology Co., Ltd. is determined based on the date when the employee signs the "Compensation/Credit Acceptance Agreement". The total compensation for the agreement signed on or before August 28, 2020 is "N+1+2+α", and the compensation for the agreement signed after August 28, 2020 is only "N+1".
The preliminary plan for employee compensation of Suzhou Samsung Electronics LCD Technology Co., Ltd. is as follows:
According to the preliminary plan for employee compensation, after signing the "Confirmation of Receipt of Compensation/Credits", the company shall not make claims other than compensation/credits under the consent form, or require the company/Samsung Display Co., Ltd. to provide other benefits.
The employee compensation payment date is a date separately determined by the company within one week before the delivery date.
Currently, Samsung Display employee representatives are privately soliciting opinions from employees based on the preliminary employee compensation plan to form the final employee compensation plan.
Wit Display compared Samsung’s Suzhou 8.5-generation LCD panel production line employee compensation program with Samsung’s Suzhou computer factory employee compensation program and found that the latter’s employee compensation program was significantly better than the former’s employee compensation program. However, after the equity transfer of Samsung's 8.5 generation line in Suzhou and the sale of the Suzhou module production line, the receiver or the acquirer should still leave most of the employees during the transition period, and will only adjust some of the core positions such as the middle and senior management, unlike Samsung So many employees in the Suzhou computer factory need to be laid off for reemployment. Most employees of Samsung's Suzhou 8.5-generation line equity transfer and Suzhou module production line do not need to worry about whether they will be laid off for the time being.
The equity transfer of Samsung's Suzhou 8.5-generation line and the sale of the Suzhou module production line are in line with Samsung Display's overall strategy. On March 31, Samsung Display’s large business division chief Choi Zhoushan informed LCD customers by e-mail that in order to get rid of the current business crisis and improve the competitiveness of large businesses, it was decided to terminate the supply of all LCD products by the end of December 2020 in order to accelerate the shift to the QD Display business. .
According to the plan, Samsung Display will also successively close the L8-2-1, L8-1-2, L8-2-2, and L7-2 production lines to avoid bargaining competition with LCD panel manufacturers in mainland China. At present, mainland China has the world's largest LCD panel production capacity, while Samsung Display has not continued to invest in LCD panel production lines in recent years, and is unable to compete with LCD panel manufacturers in mainland China. It is making differentiated arrangements for QD-OLED and QNED with higher technical barriers. .
Lin Zhi, the chief analyst of Wit Display, said that if TCL Technology successfully takes over the equity of Samsung's 8.5-generation line in Suzhou, it will increase the production capacity of TCL Huaxing TV LCD panels, and at the same time will further deepen the panel supply cooperation relationship with Samsung Electronics, because Samsung Electronics will continue Sourcing LCD panels and modules from Samsung Suzhou's 8.5 generation line.
Wit Display will continue to track the equity transfer of Samsung Suzhou's 8.5-generation line and the sale of Samsung's Suzhou module plant. Please look forward to the next update.
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