GWANGJU, Apr. 16 (Korea Bizwire) — Local governments, businesses and education authorities have joined hands in developing play education for teenagers by recycling old tires. Gwangsan District in the city of Gwangju said that it will sign a business agreement with Kumho Tire Co., South Korea’s second-largest tiremaker, and the Gwangju Educational Research Information Service [...]
SEOUL, April 3 (Korea Bizwire) – Kumho Tire Co., South Korea’s second-biggest tiremaker by sales, said Tuesday it will continue to use its brand name and its management will remain independent after being acquired by China’s Qingdao Doublestar Co. “Doublestar has pledged to allow an independent management team to run Kumho Tire as was the case of the acquisition of Volvo by China’s Geely Automobile Holdings in 2010,” Kumho Tire said in a statement. “Back then, [...]
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 19 (Korea Bizwire) — GWANGJU, March 19 (Yonhap) — Unionized workers of Kumho Tire Co. vowed Monday to stage strikes this week as 1,500 white collar employees expressed their support for a plan by creditors to sell the debt-ridden company to a Chinese firm. The move laid bare the growing divisions in South Korea’s second-largest tiremaker over how to resolve the current difficulties stemming from [...]
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, Nov. 28 (Korea Bizwire) — The chief of Kumho Asiana Group, an airline-to-construction conglomerate, said Tuesday he won’t buy back the conglomerate’s former tire unit Kumho Tire Co. now controlled by creditor banks. In a press conference held at its headquarters in Seoul, Kumho Asiana Chairman Park Sam-koo made it clear that the group [...]
SEOUL, Sept. 20 (Korea Bizwire) - Kumho Tire Co. could survive if stakeholders of the beleaguered tiremaker agree to share the pain, the new head of the tiremaker’s top creditor bank said Wednesday, voicing an upbeat note about the tiremaker going forward. Lee Dong-gull, new governor of the state-run Korea Development Bank (KDB), however, told reporters that it was too early [...]
SEOUL, Sept. 20 (Korea Bizwire) – Hankook Tire Co., South Korea’s leading tiremaker, ranked seventh in the global tire market last year in terms of revenue, and its smaller local rival Kumho Tire Co. took 14th, according to an industry report on Wednesday. Hankook Tire logged US$5 billion in sales last year, down 5.9 percent from a year earlier, according to the U.S.-based industry magazine TireBusiness. Its smaller local rival Kumho Tire Co. raked in sales of $2.4 billion last [...]
SEOUL, Sept. 12 (Korea Bizwire) – Kumho Asiana Group, South Korea’s airline-to-construction conglomerate, said Tuesday it has submitted a self-rescue plan for its tire unit to creditors. The move comes as the creditors asked the group to prepare a self-help program for Kumho Tire Co. by 6:00 p.m. following the collapse of a deal to [...]