South Korean Tire Industry Update: Status Quo Performance in a Declining Global Tire Market
South Korean tire industry and domestic producers have been one of the best success stories in the global tire industry. However, declining demand in the domestic and export markets in last two years have dented its performance to some extent.
Chinese Tire Industry Update: Focus on Overseas Expansion Amid Geopolitical and Economic Uncertainty
The Chinese tire industry, the global powerhouse in production and consumption of tires, had one of the most challenging years in recent history in 2018.
Doublestar Completes Acquisition of 45% Stake of Kumho Tire
By this, Doublestar becomes Kumho Tire’s controlling shareholder.
Doublestar to Pay Toyo $1.6 Million in Contempt Sanctions
Doublestar Dong Feng Tyre Co Ltd and its affiliate Qingdao Doublestar Tire Industrial Co Ltd, have been ordered by a federal court in California to pay $1.6 million to Toyo Tire & Rubber Co. Ltd. for violating a 2014 court order, which barred Doublestar from selling tires that are “confusingly similar” to Toyo’s products.
Sale of Kumho Tire Hits a Snag
The sale of Kumho Tire to Chinese tiremaker Qingdao Doublestar Co. could go back to the drawing board, potentially opening an opportunity for Park Sam-koo, chairman of Kumho Asiana Group, to exercise his buyback rights after all.
Doublestar Rejects Terms for Kumho Trademark Usage
Chinese tiremaker Doublestar is hoping to renegotiate terms of use for the Kumho Tire trademark, Korean media reports. The company rejected a proposal from Kumho Industrial that would require Doublestar to pay .05% of sales annually during a 20-year deal for the Kumho name.
New Terms Proposed for Use of Kumho Trademark
The ongoing battle between creditors and Kumho Asiana Group over the trademark rights of Kumho Tire continues.
Park Passes on Kumho Tire Buyback, Doublestar Poised to Buy Company
Kumho Asiana Group Chairman Park Sam-Koo announces he will not exercise his right of first refusal to repurchase Kumho Tire, the Korea Herald reports.
Doublestar Continues Pursuit of Kumho Amidst Controversy
The saga continues in the sale of the majority share of Kumho Tire Co. According to South Korean media, leading bidder Qingdao Doublestar Tyre Co. is fighting back after growing pressure to prevent the tiremaker from purchasing the 42% majority share of Kumho.
Report: Politicians Urge Creditors Not to Sell Kumho Tire to China
South Korean politicians have voiced their concerns about the pending Kumho Tire/Doublestar Tyre Co. deal, asking the Korea Development Bank (KDB) and other creditors not to sell to a Chinese company, the Korea Times reports.
Report: Doublestar Preferred Bidder for Kumho Tire
Asia media reports China’s Qingdao Doublestar Tyre Co. was selected as the preferred bidder for the controlling stake of Kumho Tire Co.