When Kumho Tire is sold to China’s Doublestar, more than 800 technologies owned by Kumho Tire are highly likely to be transferred to China. Accordingly, there are growing concerns that the sale of Kumho Tire, one of the mainstays of the competitiveness in the domestic tire industry, will lead to cor
Kumho Tire has won “Red Dot Design Award 2017,” a prestigious international design award in Germany, first among the local tire makers for the sixth consecutive year.The Red Dot Design Award is one of the global top three design awards including Germany’s International Forum Design (IF) and US-based
The Fair Trade Commission of Korea announced on April 3 that the number of companies belonging to the 27 South Korean business groups subject to loan guarantee and cross-shareholding restrictions increased by 24 in a month and totaled 1,155 as of April 1. In comparison to last month, 34 have been ne
Kumho Asiana Group and the Korea Development Bank (KDB) are likely to have a legal battle for the sale of Kumho Tire.Kumho Asiana Group raised a question on March 31 over the notification standard of the sales terms of Kumho Tire. The notification of the sales terms is directly connected with the pe
Kumho Tire creditors, including the Korea Development Bank, held a meeting on March 28 and voted down Kumho Asiana Group chairman Park Sam-koo’s demand for a consortium. Instead, they decided to discuss whether to allow a consortium or not again after the chairman comes up with a consortium organiza
The controversies over the sale of Kumho Tire haven’t died down. The Korea Development Bank (KDB) presented an ambiguous proposal on March 24 that it would re-discuss whether to allow Kumho Asiana Group Chairman Park Sam-koo to form a consortium for the purchase of Kumho Tire after reviewing his pla
Kumho’s main creditor Korea Development Bank (KDB) on March 22 submitted for Kumho Tire’s shareholder council meeting to discuss on whether to allow Kumho Asiana Group chairman Park Sam-koo to form a consortium to purchase Kumho Tire. The state-run bank was scheduled to submit it on March 20, but th
Joo Hyung-hwan, Minister of Trade, Industry and Energy, told lawmakers at a meeting at the National Assembly on March 20, “When Kumho Tires, which signed a share purchase agreement (SPA) with China’s Doublestar, asks for approval of sale, we will make final decision after consulting with the Ministr
Kumho Asiana Group has succeeded in attracting a large investment from a Chinese business group.The group announced on March 15 that it has secured 160 billion won (US$139.49 million) worth of investments from Hainan Airlines (HNA) Group of China. The Chinese company will be acquiring bonds with a w
The “approval of the acquisition of a defense company” has emerged as a new variable in the sale of Kumho Tire, for which Chinese tire maker Doublestar was selected as the preferred bidder. Since Kumho Tire supplies tires for Korean military fighters and trainers, a Chinese corporation must pass a r
The Korean creditors of Kumho Tire, including Korea Development Bank (KDB) and Woori Bank, on March 13 signed a share purchase agreement (SPA) in Seoul, South Korea with the preferred bidder China-based Doublestar. The total size of the transaction is 955 billion won (US$810 million).If chairman Par
According to the Korea Exchange, the National Pension Service had stocks of listed South Korean companies worth 102.6 trillion won (US$87.2 billion) as of the end of last year, equivalent to 18.4% of the fund it runs and approximately 7% of the aggregate value of the South Korean stock market. “The
The United States Department of Commerce recently decided to impose anti-dumping duties on emulsion styrene butadiene rubber (ESBR) exported from South Korea to the United States. Last month, the same measure was taken against dioctyl terephthalate (DOTP) exported from South Korea to the United Stat
Kumho Tire, South Korea’s No. 2 tire maker, announced on Feb. 15 that it has received two awards in the transport device category at this year’s iF Design Award taking place in Germany. Hosted by the International Forum Design in Germany, the iF Design Award is one of the world's top three internati
LG Chem, South Korea's leading chemicals firm, said on January 31 that it has started the operation of a plant with an annual capacity of mass-producing up to 400 tons of carbon nanotubes. The company expects the plant to initially produce around 100 tons this year and to be in full operation at
Kumho Tire announced that it selected Doublestar, a Chinese tire manufacturer, as the preferred bidder for the acquisition of itself. At present, Doublestar ranks 30th or so in the global tire industry and the Chinese company recently raised a private equity fund of approximately 1.7 trillion won to
Kumho Tire Co. has helped Vietnamese women and their children to visit their home country through “South Korea-Vietnam Multicultural Family Visiting Home Country” program, which has been carried out for fifth time this year on January 14, starting from 2013.As part of its corporate social responsibi
The number of bidders for Kumho Tire Co., South Korea’s second-largest tire maker and a capital chance in the merger and acquisition (M&A) market this year, was narrowed down to three, and all eyes are now on how Kumho Asiana Group Chairman Park Sam-koo will deal with China’s huge capital. Market wa
Now, five global tire makers, such as China’s Shandong Linglong Tyre and India’s Apollo Tyres, are competing to acquire South Korea's No. 2 tyre maker Kumho Tire. Germany’s Continental AG was eliminated from the list of candidates for acquisition.According to investment banking industry sources on N
It has been found that 255 subsidiaries of the 30 largest business groups in South Korea reduced the number of their employees from 1,002,653 to 988,345 between the end of last year and the end of the third quarter of this year. The dismissed employees were divided into 9,177 male and 5,131 female.I