Battle of Park Brothers Intensifies With a $390 Million Lawsuit
A long-standing feud between the sons of Kumho Tire Co. founder Park In-cheon has intensified, according to independent reports by Business Korea and the Korea Herald, with a $390 million “breach of duty” lawsuit. The suit, announced by the Seoul Supreme Prosecutor’s Office, was filed by Park Chan-koo, chairman of Kumho Petrochemical, against his older
Kumho 1H Sales Down, Profits Up
Kumho Tire Co. Inc. reported a year-over-year drop in sales for the first half of 2014, ended June 30, but still posted increased net profits. Kumho reported $1.73 billion in first half sales, down 6.6%. First half net profit was $196.1 million, 13% higher than the same period last year.
Kumho Expands European Technical Center
Kumho Tire Co. has opened a new tire test facility at its European Technical Center in Germany. The estimated 1,000-square-meter area will advance the center’s testing capability. The tiremaker’s technical center already processes some 3,000 tires each year, and the new space will aid in subjective dry/wet handling, hydroplaning, tire noise, and braking testing. The
Kumho Continues Plans in Macon
Kumho Tire USA Inc. took another action to resume construction of its $413 million plant in Macon, Ga. The Telegraph reported that Kumho has applied to the Macon-Bill County Planning & Zoning Commission for a conditional-use permit to allow revisions to a previously approved site plan. The new application is a renewal of the previous
Kumho Running Basketball Themed Promo
Kumho Tire USA is running a consumer rebate program between Sept. 1 and Oct. 31 titled “No Dribble, All Drive.” The NBA-themed program will offer consumers up to a $100 rebate for qualifying tire purchases. Consumers who purchase four Solus TA31 all-season touring tires will receive a $60 mail-in rebate or those who purchase Ecsta
Kumho Tire Parent Eyes Buying Back Bus Company
Korea Joongang Daily reports that Kumho Asiana Group is looking to buy back Kumho Buslines, which it sold to private equity in 2012 while working to resolve liquidity problems. Kumho Asiana Group is the parent company of Kumho Tire Co. Kumho Buslines is currently owned by an equity fund jointly run by IBK Securities and
Kumho To Resume Construction Of Georgia Plant After Years of Delays
Kumho Tire USA Inc. has told city officials that it will resume construction of its plant in Macon, Ga., in order to expand its presence in the North American market. The plant was delayed several years due to the recession. The company held a groundbreaking ceremony for the plant in 2008, but since the tire manufacturer
Tiremakers Prepare as West Coast Dockworker Talks Continue
A July 1 deadline looms for a new contract agreement covering 13,600 dockworkers at 30 ports stretching from San Diego to Bellingham, Wash. And a new study by the National Association of Manufacturers (NAM) and the National Retail Federation (NRF), reports that the U.S. economy could lose as much as $2.5 billion a day if
Kumho Seeks Funds for U.S. Plant
Kumho Tire Co. announced this morning that it is moving forward on its plans for a plant within the U.S., making a request for funding. Yonhap News Agency reported a Kumho official confirmed that a funding request has been made with banks for the Macon-Bibb, Georgia location. The official however hinted that the process could
Kumho, Yokohama Extend R&D Agreement
Kumho Tire Co. and Yokohama Rubber Co. signed a cooperative research and development agreement on May 31. The agreement is based on the master technological alliance that was signed earlier this year and announced late last year. “We see fierce competition ahead due to the enhancement of technologies at each of the tire companies competing
Kumho Expects Growth to Come from New Segment
Kumho Tires has placed its bets on the electric vehicle segment becoming more popular. When it does, the company said that tires for full-electric vehicles will be the company’s future growth engine. In April 2013, Kumho launched Wattrun, an electric-car tire brand. At the time, the company pledged to ramp up efforts to take an
