Under a technology transfer agreement signed with Pakistan-based battery manufacturer Century Engineering Industries, South Korean tyre maker Kumho Tire will provide technological and manufacturing know-how as Century establishes its own tyre production plant. The agreement signed in Seoul today covers the ten-year period to September 2028; Century Engineering will initially pay Kumho Tire US$5 million and 2.5 per cent of turnover for the assistance provided, with the contract scheduled for review after five years.
A new owner has arrived on the scene, but it is business as usual for Kumho Tire in Korea. The tyre maker has launched its first new tyre since Doublestar became Kumho Tire’s largest shareholder last month. More than 350 dealers from across South Korea attended the unveiling of the Kumho Majesty 9 Solus TA91 yesterday.
As expected, Kim Jong-ho has returned as chief executive officer of Kumho Tire. The former company president and chief executive officer was named the tyre maker’s new chairman and chief executive officer at an extraordinary meeting of shareholders. It is understood that he will hold this position for a three-year term.
Kim Jong-ho will likely return as president and chief executive officer of Kumho Tire. The 70-year old, who held these positions from 2009 until his retirement in 2012, has been recalled by the tyre maker’s creditors to head the loss-making company. During his previous tenure, Kim led Kumho Tire through the early years of its debt workout programme. The creditors will seek approval for Kim’s appointment at a Kumho Tire extraordinary shareholders’ meeting on 1 December.