Kumho Tyre unionised workers have accepted the company’s offer to freeze wages and suspend performance-based pay for this year in return for no job cuts.

The company planned to cut 690 employees and the union had staged several strikes since 25 June to demand an increase in wages and better working conditions, a company spokesman told Dow Jones.

The strikes, both partial and full-time, resulted in production losses worth KRW120bn for the country’s second-largest tiremaker by sales, he said.

On Monday, Kumho’s plants at Pyeongtaek, Gwangju and Gokseong resumed operations as the strikes ended.