Tag: South Korea

Nexen Tire hires ex-Porsche specialist to head premium OE tyre development

Nexen Tire hires ex-Porsche specialist to head premium OE tyre development

29th August 2019 | 0 Comments

Michael Haupt, formerly a tyre development specialist at Porsche, has been appointed head of the ‘Premium OE’ business sector at the recently-opened Nexen Central Research Institute (Nexen univerCITY). In his new position, Haupt will be responsible for creating premium tyres for OEM customers.

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BBS: Handbrake to be released in aftermarket business

BBS: Handbrake to be released in aftermarket business

18th June 2019 | 0 Comments

Donghyun Jin has always been a big city lad, but of late he’s downsized. From Seoul and its population of ten million to a village of 3,850 in Germany’s Black Forest. Donghyun Jin, senior director of the Manufacturing division at NICE Holdings (majority shareholder of the BBS Group since 2015) arrived in the village of Schiltach as interim chief executive officer of BBS in order to navigate the alloy wheel manufacturer through the turbulent waters of Dieselgate and the introduction of WLTP.

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Kumho, Nexen fined for restricting tyre resale prices

Kumho, Nexen fined for restricting tyre resale prices

30th April 2019 | 0 Comments

The Korea Fair Trade Commission (KFTC) announced today that it has fined Kumho Tire and Nexen Tire for forcing South Korean retailers to sell tyres at or above specific set prices.

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SK Innovation investing 1 trillion won in Hungary car battery factory

SK Innovation investing 1 trillion won in Hungary car battery factory

26th March 2019 | 0 Comments

SK Innovation reports that it is planning to invest just under 1 trillion won (a little less than US$1 billion) in its second car battery plant, this time in Hungary. The company has selected Komaron City in northern Hungary for the investment of 945.2 billion won.

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Kumho the strongest ‘local’ in South Korea’s aftermarket

Kumho the strongest ‘local’ in South Korea’s aftermarket

6th March 2019 | 0 Comments

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.

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UK now biggest EU market for Korean car brands – SMMT

UK now biggest EU market for Korean car brands – SMMT

5th July 2018 | 0 Comments

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.

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Kumho Tire CEO ‘grateful’ for dealers’ support as first post-acquisition tyre launched

Kumho Tire CEO ‘grateful’ for dealers’ support as first post-acquisition tyre launched

17th May 2018 | 0 Comments

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.

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Kumho Tire delisting as military supplier

8th May 2018 | 0 Comments

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.

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Hankook Technodome gains ISO/IEC 17025 certification

Hankook Technodome gains ISO/IEC 17025 certification

6th April 2018 | 0 Comments

Hankook Tire shares that its state-of-the-art research and development centre in South Korea, the Hankook Technodome, has been granted ISO/IEC 17025 certification from A2LA (American Association for Laboratory Accreditation).

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Doublestar acquires 45% share in Kumho Tire

Doublestar acquires 45% share in Kumho Tire

3rd April 2018 | 0 Comments

After months of uncertainty, union members within the Kumho Tire workforce voted on 30 March to accept the sale of a 45 per cent stake in the tyre maker to China’s Doublestar Tyre. It is understood that just over 60 per cent of voting union members were in favour of the sale, sparing Kumho Tire from receivership. The deal with unionised employees was sweetened by guarantees of their job security for at least the coming three years.

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KDB dismissive of new offers on Kumho Tire

29th March 2018 | 0 Comments

The clock is ticking, the labour union representing Kumho Tire’s workers still opposes the planned Qingdao Doublestar Tire acquisition, and creditor the Korea Development Bank (KDB) doesn’t think much of the alternative bid proposals announced this week. Time to find an alternative to liquidation is running out.

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No extension for Kumho Tire receivership deadline

28th March 2018 | 0 Comments

Sale agreement or receivership – according to creditors, 30 March remains the deadline for Kumho Tire. Yonhap News Agency writes that Lee Dong-gull, chairman and chief executive officer of the Korea Development Bank, has ruled out an extension to this deadline. This means that should its labour union not agree to Qingdao Doublestar Tire’s purchase of a 45 per cent share in the company, from Monday 2 April Kumho Tire will be bankrupt and placed under court receivership.

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KDB wants a no-strike clause in Kumho/Doublestar deal

26th March 2018 | 0 Comments

Korea Development Bank (KDB), the main creditor of Kumho Tire, has plans to put a no-strike clause in Doublestar’s current bid to buy Kumho.

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Doublestar back in pole-position for Kumho purchase

Doublestar back in pole-position for Kumho purchase

5th March 2018 | 0 Comments

Having previously been ruled out of the running to buy Kumho Tire, Qingdao, China-based manufacturer Doublestar Tire is once again in pole-position to buy the South Korean tyremaker. “Doublestar Tire is the best option in view of a fast restoration of Kumho Tire and its corporation in China and the minimization of our losses”, Kumho’s creditors said in a widely reported statement.

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Kumho Tire – can a Doublestar acquisition still take place?

23rd February 2018 | 0 Comments

The Korea Development Bank (KDB) has denied finalising the sale of a 42.01 per cent share in Kumho Tire to Qingdao Doublestar Tire, but that’s exactly what we’d expect it to do until all the ‘i’s are dotted and ‘t’s crossed. Negotiations between Kumho Tire’s creditors and Doublestar recently recommenced, however The Korea Herald has quoted a KDB official as stating “nothing has been finalised.”

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