Kumho Tire has officially parted ways with Kumho Asiana Group as part of the corporate restructuring work being led by its creditors. According to reports in The Korean Herald, the tiremaker filed for separation from its parent company last month.
“Based on the Monopoly Regulation and Fair Trade Act, Kumho Tire has become a separate affiliate from Kumho Asiana Group,” the company said in local reports.
The goal of the separation is to minimize future uncertainty and get the global tiremaker back on track, especially after failing to sell the 42 percent controlling stake of Kumho Tire in 2017. Kumho Tire USA continues to show positive momentum despite the challenges at its South Korean-based global headquarters.