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 [...]
SEOUL, Sept. 12 (Korea Bizwire) – China’s Qingdao Doublestar has sent a copy of legal documents to the creditors of Kumho Tire, saying it agrees to cancel a deal to buy a controlling stake in the South Korean tiremaker, an official at a key creditor bank said Tuesday. The official at the state-run Korea Development Bank [...]
SEOUL, Sept. 5 (Korea Bizwire) – Creditors of Kumho Tire Co. and China’s Qingdao Doublestar Co. failed to narrow differences on a demand by the Chinese firm to cut its bid price for a controlling stake in the South Korean tiremaker, an industry source said Tuesday. The failure is likely to lead to a termination [...]
SEOUL, Aug. 30 (Korea Bizwire) — The chairman of Kumho Asiana Group, parent of Kumho Tire Co., on Wednesday submitted a revised proposal to creditors over the use of the tiremaker’s brand, an industry source said Wednesday. The revised proposal by Kumho Asiana Chairman Park Sam-koo came as the creditors, led by state-run Korea Development [...]
SEOUL, Aug. 17 (Korea Bizwire) — Chinese tire maker Qingdao Doublestar Co. has demanded creditors cut its bid price for a controlling stake in Kumho Tire Co., an official at one of the creditors said Thursday, adding a new twist to the Chinese firm’s bid to acquire Kumho Tire. Qingdao Doublestar signed a deal with [...]
SEOUL, Aug. 16 (Korea Bizwire) — Chinese tiremaker Qingdao Doublestar Co. appears to be in the final stage to take over its South Korean rival — Kumho Tire Co., informed sources said Wednesday, as it has submitted documents for the government’s approval in a 955 billion won (US$857 million) deal. In March, creditors of Kumho [...]
SEOUL, Aug. 8 (Korea Bizwire) – Kumho Tire Co., South Korea’s second-biggest tiremaker by sales, said Tuesday that its second-quarter profit declined 26.4 percent from a year earlier on lower demand from major markets. Net profit reached 195 billion won (US$173 million) on a consolidated basis during the April-June period, compared with a profit of [...]
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 [...]