Kumho Tire being restructured under a voluntary agreement system with its creditors was separated from the Kumho Asiana Group.
On December 28, Kumho Tire announced that the company became independent from the Kumho Asiana Group pursuant to Article 14-2 of the Monopoly Regulation and Fair Trade Act.
The Fair Trade Commission approved the company’s separation from the Kumho Asiana Group on the previous day and officially notified Kumho Tire of the approval.
The separation pulled down Kumho Asiana Group's assets to 12.3 trillion won (US$11 billion) from 15.6 trillion won (US$14 billion) at the end of 2016. Its ranking also drops from 19th place to 24th place among Korean business groups.
As a consequence, the Kumho Asiana Group has 27 affiliates including Kumho Industrial, Asiana Airlines, Kumho Express and Asiana IDT.