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Hankook Tire Takes 7th Spot in Global Tire Market

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 [...]

Kumho Tire Submits Self-Rescue Plan to Creditors

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 [...]

China’s Qingdao Doublestar to Cancel Purchase of Kumho Tire

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 [...]

Creditors of Kumho Tire, China’s Doublestar Fail to Narrow Gaps on Discount

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 [...]

Kumho Asiana Chief Offers Revised Proposal in Brand Dispute Over Kumho Tire

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 [...]

China’s Qingdao Doublestar Demands Creditors Cut Bid Price of Kumho Tire

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 [...]

Chinese Firm Seeks Approval to Take Over Kumho Tire

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 [...]

Kumho Tire Q2 Net Dips 26.4% Due to Weak Sales

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 [...]

Kumho Makes Offer for Doublestar to Use Kumho Tire Brand for 12.5 Years

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 [...]

Kumho Tire Workers Hold Rally in Protest to Sale to Qingdao Doublestar

SEOUL, July 13 (Korea Bizwire) – Hundreds of employees of Kumho Tire Co. on Thursday held a rally against plans by creditors to sell the company to China’s Qingdao Doublestar. About 750 workers held separate rallies at the company headquarters in Seoul and an R&D center in Yongin, Gyeonggi Province, demanding creditors led by the [...]