The number of affiliates belonging to Korea’s conglomerates crossed 3,000 for the first time in 2023. The increase is the result of business diversification in response to an unstable global business environment, but the increase has generated many negative side effects.As of May 2023, the number of
Despite challenging business conditions, South Korean petrochemical companies have been disclosed to make record-high investments in research and development (R&D). This strategic initiative is seen as an endeavor to strengthen competitiveness in emerging business sectors like high-value added (spec
Despite a downturn in the industry, petrochemical companies in South Korea have reportedly invested a record amount in research and development (R&D). This move is interpreted as part of a differentiation strategy to enhance competitiveness in new business areas such as high-value added (specialty)
Kumho Petrochemical has sold its entire stake in the SB latex business, a joint venture with Rizhao Jinhu Jinma Chemical Co., Ltd., a Chinese company. The decision to exit the local business was made in response to China’s low-cost competition and overlapping environmental regulations.According to t
Recently, there has been a trend where shareholder demands for increased shareholder returns have slightly subsided as proposals such as the retirement of repurchased stocks or dividend expansions were rejected at shareholder meetings. While companies have temporarily relieved the pressure by proact
Kumho Tire plans to invest more than 1 trillion won to build its inaugural factory in Europe by 2027. The company intends to evaluate incentives and tax benefits pledged by four countries -- Romania, Serbia, Portugal, and Turkey -- including the size of subsidies, before finalizing the factory’s loc
Kumho Tire inked a technology export agreement with Saudi Arabia’s Black Arrow Tire Company (Blatco) on Feb. 28.Through this agreement, Kumho Tire will provide Blatco with technology for production of passenger car tires sold in the Middle East, including Saudi Arabia, for 20 years.Blatco, a manufac
Kumho Tire has achieved a series of excellent results in a tire performance test conducted by ADAC, a world-class automotive magazine published in Germany.In the summer tire performance test organized by ADAC Magazine, which has a 120-year history and the largest circulation in Germany, Kumho Tire’s
Rongsheng Petrochemical, China’s largest petrochemical company, will begin a major expansion of petrochemical products at the beginning of the new year. The expansion portfolio includes intermediate raw materials and synthetic resins, which are the main products of Korean petrochemical companies.Ron
Kumho Tire announced on Nov. 30 that it signed a memorandum of understanding (MOU) with European petrochemical group Synthos for the joint development of sustainable tire raw materials. Both companies plan to collaborate on a project for the research and development of NdBR using Bio-Butadiene (Bio-
Kumho Tire, a leading South Korean tire manufacturer, has entered into a collaborative agreement with Denmark-based global shipping company Maersk. The agreement, which focuses on logistics supply chain solutions, was officially signed at the Kumho Tire headquarters in the Jongno district of Seoul o
Amid the global economic downturn and challenges such as weakened demand for petrochemical products as well as increased self-sufficiency in China, which is the largest market for domestic companies, the South Korean petrochemical industry is accelerating business restructuring.According to Korea Cr
Global leading tire company Hankook Tire & Technology (Hankook Tire) hosted the official kick-off meeting for the ’Tire-to-Tire Circular Economy Model’ consortium on November 1 in Daejeon, South Korea. Held at the Hankook Technodome, the event marked the start of the consortium’s efforts to create t
Korean Air is pushing forward with the domestic sale of Asiana Airlines’ cargo business, which was once considered a major obstacle in the acquisition and merger (M&A) process with Asiana Airlines. The cargo division, previously seen as a vital source of revenue, is now under consideration for a par
After the intense 23rd round of wage and collective bargaining negotiations on Sept. 12, Hyundai Motor and its union reached a preliminary agreement. The union had initially demanded an 184,900 won wage increase (excluding rank promotions). In response, the company offered a 101,000 won increase on
Labor unions at large plants in the Gwangju and South Jeolla Province regions represented by Kia Corp. and Kumho Tire declared the end of negotiations and passed a vote for and against going on a strike.According to industry reports on Sept. 11, Kumho Tire’s union held a two-day strike vote for all
Kumho HT revealed on Aug. 28 that they are actively planning to establish an overseas subsidiary in response to the global finished vehicle companies expanding production and sales in India.The company is considering an investment of approximately 300 billion won for the establishment of a local sub
In the first half of this year, South Korea’s top four petrochemical companies – LG Chem, Lotte Chemical, Kumho Petrochemical, and Hanwha Solutions – have collectively lowered the average operational rates at their domestic petrochemical plants. This adjustment comes as the petrochemical industry ha
Global leading tire company Hankook Tire & Technology (Hankook Tire) has published its 2022/23 ESG Report, highlighting its sustainability activities, performance, and mid- and long-term strategies for the year.Based on Hankook Tire’s environmental, social, and governance (ESG) vision system – “Inno
Kumho Tire has become the official tire partner of the prestigious Italian football club AC Milan, sealing a sponsorship agreement with a partnership ceremony at Casa Milan, AC Milan's headquarters.The partnership ceremony was attended by Jung Il-taek, CEO of Kumho Tire; Vice President of Sales