Kumho Tire delays bonus payments amid liquidity shortage

SEOUL, Jan. 2 (Yonhap) -- Kumho Tire Co., South Korea's second-largest tiremaker,
said Friday it hasn't been able to pay bonuses last year to its approximate 3,000
factory workers amid a liquidity shortage.
"The bonus payment was delayed because of the company's liquidity problem," an
official at Kumho Tire said.
The Kumho Tire official said the annual bonus payment was postponed indefinitely,
saying the company "will make its utmost efforts" to pay the bonus of 2.5 million
won (US$1,883) per worker.
South Korean tiremakers have been reeling as automakers such as Hyundai Motor Co.
and Kia Motors Corp., their major clients, are suffering from a sharp slump in
vehicle sales.
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