SEOUL, Mar. 27 (Korea Bizwire) — Tirebank, a midsized South Korean tire retailer, said Tuesday it will join the bid to acquire Kumho Tire Co., which China’s Qingdao Doublestar Co. seeks to take over from creditors. At a press conference in Daejeon, about 160 kilometers south of Seoul, the company’s chief Kim Jeong-kyu said the [...]
SEOUL, March 23 (Korea Bizwire) – Kumho Tire Co.’s union on Friday refused to meet with the chief of Qingdao Doublestar Co. over the Chinese firm’s plan to acquire the Korean tiremaker, raising the possibility of the company being placed under court receivership, the company said. Kumho Tire’s creditors are planning to sell the loss-making [...]
SEOUL, March 7 (Korea Bizwire) – The chief of Kumho Tire Co. said Wednesday that foreign acquisition of the financially troubled tiremaker is essential for its survival at this juncture despite objections raised by union workers. In a message sent to employees, Kumho Tire Chairman and Chief Executive Kim Jong-ho said the company “has no [...]
SEOUL, July 18 (Korea Bizwire) – The board of Kumho Industrial Co. on Tuesday offered to allow Qingdao Doublestar Co. the use of South Korea’s No. 2 tiremaker’s name for 12 and a half years as part of ongoing negotiations to finalize the sale of the company. Kumho Industrial holds the right to the brand [...]
SEOUL, July 7 (Korea Bizwire) – Creditors of Kumho Tire Co. on Friday decided to offer final concessions to resolve a dispute surrounding the usage fee of the Kumho brand between the tiremaker’s parent company and China’s Qingdao Doublestar Co. The concessions came after a meeting earlier in the day with Kumho Tire’s creditors, which [...]