Against Sell-off
Kumho Tire's sales force and overseas buyers took to the street together. On August 8, they held a silent protest against the problematic sale of the company in front of Kumho Asiana Main Building in Gwanghwamun, Seoul.
They said that the Korea Development Bank (KDB)’s unreasonable sale of Kumho Tire is having a negative impact on the tire company’s business environment so its overseas sales are shrinking a great deal. In fact, it is said that Kumho Tires has difficulty maintaining existing contracts, not to mention signing new contracts overseas.
On the day, a Kumho Tire dealer who has been importing Kumho Tire products for decades in the Middle East attended the demonstration, saying "If Kumho Tire is sold to Double Star, Kumho Tire products will be shunned in overseas markets due to the deterioration of its brand value."
Kumho Tire employees said they will continue to struggle to improve the company’s export environment and for the survival of overseas sales partners if the ongoing sell-off attempt is not stopped.
Kumho Tire’s creditors are in negotiation with Double Star over the sell-off of the tire company. Early this year, a sell-off rumor spread abroad, prompting a sharp drop in sales. The tire company posted a year on year decline of 4.6% in sales and suffered a loss for the first time since the third quarter of 2015.
Photo caption: Kumho Tire's sales force and overseas buyers held a silent demonstration in protest of the problematic sale of the company in front of Kumho Asiana Main Building.