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, 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, 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 [...]