Tag: Korea
Kumho the strongest ‘local’ in South Korea’s aftermarket
It may not be the best-selling Korean tyre brand worldwide, but at home Kumho outsells its domestic rivals. Data from the Korea Tire Manufacturers Association (KOTMA) indicates that 6.52 million replacement market Kumho tyres were sold in South Korea in 2018. This is more than 40 per cent of all locally-made tyres sold in the country.
Doublestar acquisition of Kumho Tire completed
A ceremony was held on 6 July to mark to completion of Doublestar Tire’s acquisition of a 45 per cent share in Kumho Tire. The event in Seoul was titled ‘Celebrating New Beginning’ and was attended by the Chinese and South Korean tyre makers’ management teams as well as representatives from Korea Development Bank, which together with other creditors still maintains a 23 per cent share in Kumho Tire.
UK now biggest EU market for Korean car brands – SMMT
The growing strength of the automotive relationship between the UK and South Korea has been highlighted today by the Society of Motor Manufacturers and Traders (SMMT) during its trade mission to the country.
Kumho Tire delisting as military supplier
A very small percentage of Kumho Tire’s output in recent years was shipped to the Republic of Korea Air Force for its F-16 fighter and T-50 trainer jet, and this military business was a complicating factor in the sale a 45 per cent stake in the tyre maker to China’s Doublestar Tyre. Following the vote to accept Doublestar’s KRW 646.3 billion (£441.9 million) bid, Kumho Tire has requested that South Korea’s government cancel its designation as a defence-related company. This request is now being reviewed.
Kumho Tire acquisition: Is a tyre maker behind Tire Bank bid?
The latest news from South Korea suggests that local tyre distributor and retail network operator Tire Bank Co. Ltd. would like to purchase the Kumho Tire shareholding that China’s Qingdao Doublestar Tire is currently negotiating to acquire from creditors. The unexpected appearance of the Daejeon-based firm, which hinted it may bid together with one or more partners, further complicates an already drawn out and difficult transaction.
Kumho Tire deadline approaching
It won’t be a Good Friday for Kumho Tire if an agreement between its creditors and the labour union representing its workforce isn’t reached by the end of this week. Friday 30 March is the deadline set for a formal consensus regarding the sale of a 45 per cent share in the tyre maker to China’s Qingdao Doublestar Tire for KRW 646.3 billion (£421.7 million).
Bridgestone outlines support for 2018 Olympics
Bridgestone Corporation says it is ready to support the staging of the upcoming Olympic Winter Games PyeongChang 2018 through a variety of product, athlete and education initiatives in South Korea. PyeongChang is Bridgestone’s first Olympic Winter Games as a Worldwide Olympic Partner.
Signing of Kumho Tire contract expected this month
According to industry sources, Kumho Tires’ creditors will return the agreement on use of the Kumho brand name to Kumho Industrial this week ahead of a planned signing of a contract before the end of the month.
Kumho Tire’s creditors accept proposal
Nothing now stands in the way of Qingdao Doublestar Tire’s acquisition of a 42.01 per cent share in Kumho Tire. Last Friday, the creditors of Kumho Tire accepted the offer made by Kumho Asiana.
Acquisition ugliness: Kumho Tire execs threaten mass resignation
Qingdao Doublestar Tire’s bid to acquire 42.01 per cent of South Korean tyre maker Kumho Tire is developing into a drama of the sort not witnessed since a stubborn Cooper Chengshan Tire helped derail Apollo Tyres’ purchase of Cooper Tire & Rubber. Business Korea writes today that 41 Kumho Tire executives, including chief executive officer Lee Han-seob, intend to resign should Kumho Tire’s creditors sell the share to Doublestar.
Korean OEMs switching to European tyre brands
Sales of imported tyres in Korea increased by more than 40 per cent in the January to April period when compared with 2016 figures, according to the Korea Tire Manufacturers Association (KOTMA). If this pace continues, imported tyres will set a record high this year. According to KOTMA, this is largely due to Hyundai Motor and its smaller affiliate Kia Motors introducing imported tyres on their models, media said.
Creditors strive to keep Kumho Tire deal alive
Use of the Kumho brand name was certainly a factor motivating Qingdao Doublestar Tire’s bid for a share in the Korean tyre maker. Although selected as the winning bidder, uncertainty now hangs over the terms under which the Chinese manufacturer can use the Kumho name, and this may suffice for Doublestar to walk away from the deal. Kumho Tire’s creditors are attempting to broker a compromise.
Korea introduces tougher tyre noise standards
The Korean Ministry of Environment has announced that domestic and overseas tyre manufacturers will be obliged to indicate the noise level of their products from 2019. The policy announced in Korea on Monday follows the E.U. standards as well, the ministry said, and will be applied to tiyes on passenger vehicles starting in 2019, and […]
Reports: ChemChina interested in Kumho
ChemChina is said to have expressed interest in Kumho Tire Co., according to Korean news source. Citing “industry sources” Pulse News said ChemChina “signed a non-disclosure agreement (NDA) with creditors of Kumho Tire last month and began preparing for an official bid. The Chinese company selected Boston Consulting Group to advice on the deal.”
Creditors to sell Kumho Tire shareholding
The creditors who hold a 42 per cent share in Kumho Tire are said to have begun the process of selling the tyre maker. Reuters reports a spokesperson for Korea Development Bank, the largest Kumho Tire shareholder, as giving November or thereabouts as the deadline for initial letters of interest, with main bids coming in or around January. Credit Suisse has been appointed to manage the deal.