Multicultural Family Support
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 responsibility (CSR) activities, company provides travel expenses, including round-trip plane tickets and accommodation, to Vietnamese women and their children residents in South Korea who are having difficulties to visit their home country due to financial problems.
With Kumho Tire’s support, a total of 39 people from 10 Vietnamese multicultural families will visit their hometown and the Kumho Tire Vietnam (KTV) plant in Ho Chi Min for six nights and seven days until the 20th.
A participant in the program, surnamed Kim, said, “Marking the 10th wedding anniversary, I am filled with emotions and very excited to visit my wife’s home.”
After signing a memorandum of understanding (MOU) to support Vietnamese residents in South Korea in 2012, Kumho Tire has offered various supports to Vietnamese residents in South Korea including sponsorship for Vietnam cultural festivals, while helped build facilities for poor families and the visually challenged in Vietnam. Until now, a total of 52 families benefited from Kumho Tire’s South Korea-Vietnam Multicultural Family Visiting Home Country event.
In the meantime, China’s Qingdao Doublestar Tire Co. was selected on January 16 as a preferred bidder for the acquisition of Kumho Tire. Doublestar is said that it offered the acceptable price of some 1 trillion won (US$844.59 million) to creditors. Accordingly, Kumho Asiana Group Chairman Park Sam-koo and Doublestar will compete to take over Kumho Tire. Its creditors, which include Woori Bank and Korea Development Bank, will hold a meeting on the 18th to set the selection standards of preferred bidder.
Creditors chose Doublestar as the preferred bidder because the Chinese firm made the highest bid and received high marks for its plan to jump up to one of top 10 global companies from the current top 30 through the acquisition.