GWANGJU, May 20 (Korea Bizwire) — Firefighters on Tuesday extinguished a massive fire that ravaged Kumho Tire’s plant in Gwangju, about three days after it first broke out. Fire authorities had fully put out the fire as of 11:50 a.m. after it began Saturday morning at the plant in Gwangju, about 270 kilometers south of [...]
SEOUL, Mar. 4 (Korea Bizwire) — Kumho Tire Co., South Korea’s second-largest tire maker, said Monday it has forged a technology licensing agreement with Saudi Arabian tire maker Blatco Co. Under the agreement, Kumho Tire will provide Blatco with technology support for the production of passenger car tires sold in Saudi Arabia and the Middle [...]
SEOUL, Dec. 1 (Korea Bizwire) — Kumho Tire Co., South Korea’s second-largest tire maker, said Friday it has partnered with European synthetic rubber manufacturer Synthos S.A. for joint research and development of sustainable tire material. Under their memorandum of understanding signed Thursday, Kumho Tire and Synthos plan to conduct joint research and development utilizing bio-butadiene [...]
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 [...]