The Wall Street Journal: Hyundai reaches tentative deal with striking auto workers

SEOUL — Hyundai Motor Co. reached a tentative wage deal with its unions, which puts an end to damaging strikes and paves the way for a similar deal at its Kia Motors Corp. 000270, +0.94% affiliate.

“Both the management and workers agreed to a less generous wage package in consideration of worsening business conditions,” a union leader said.

The tentative agreement is subject to approval by union members at a vote planned for Friday.

The 48,000 union members of Hyundai Motor’s 005380, +0.74% 67,000-person labor force have staged partial strikes on several days since the middle of July, leading to lost production of more than 60,000 cars worth hundreds of millions of dollars.

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