Kumho Tire Co. reached a tentative wage deal with its union early Tuesday after overnight marathon negotiations, the company said.

Under the agreement, South Korea's second-biggest tire maker will give workers 2.5 million won (US$2,200) and 50 percent of their monthly wages as lump-sum incentive payments.

The labor union will vote on the tentative agreement on Thursday.

The tentative deal came more than a month after the union ended a month-long partial strike as part of its effort to iron out a wage deal with management.

In 2010, creditors placed Kumho Tire, one of the core affiliates of Kumho Asiana Group, under a debt workout scheme along with Kumho Industrial, the troubled construction arm of the group, to help the country's ninth-biggest business group ease a liquidity squeeze. (Yonhap News)