Workers of Kumho Tire to vote on sale plan after dramatic deal

Unionized workers of Kumho Tire Co. will vote on the planned sale of a majority stake in the tiremaker to China's Qingdao Doublestar Co. after a dramatic agreement with management, according to union officials Saturday.

The Sunday vote comes as Kumho Tire's management and union agreed on the planned sale late Friday, which happened just hours before a deadline that creditors warned would lead to a court receivership if no deal was reached. 

Workers in Kumho Tire's plants in Gwangju and Gokseong will cast ballots until 6 p.m. on Sunday, and they are expected to vote in favor of the planned sale.

The state-run creditor Korea Development Bank is planning to sell a 45 percent stake in Kumho Tire for 646.3 billion won ($608 million) to the Chinese tiremaker.

The labor union of Kumho Tire had fiercely opposed the sale plan, voicing concerns that Qingdao Doublestar may eventually withdraw from South Korea after acquiring the company's technology. (Yonhap)