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.
The U.S. tire industry saw a big jump in imports from Brazil, Thailand and Vietnam in 2017, according to the U.S. International Trade Commission.
Despite its small geography, South Korean tire producers have put their country firmly on the map as one of the major tire producing countries globally. Though 2017 was not one of the best years for domestic tire consumption, surging exports and overseas production facilities made up for the shortfall in domestic consumption for South Korean
Qingdao Doublestar’s finances are now in doubt after the Chinese tiremaker reportedly took out a large loan and set up a consortium to acquire the 42% controlling stake in Kumho Tire, Korean media reports.
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.
A Reuters news report yesterday stated that creditors of Kumho Tire Co. have “asked Credit Suisse to work on a sale of their stake,” citing “three sources familiar with the situation.” The creditors, the report said, hold a 42% share in the South Korean tiremaker, which has a reported market capitalization of 1.07 trillion Korean
Unionized workers of South Korea’s Hankook Tire Co. began a yes-or-no vote on Sunday regarding pay raise and other possible deals reached between labor and management, the Korea Herald reports. The union said the voting started at 5 a.m. Sunday and will last until 5 p.m. on Tuesday, Sept. 8. On Friday, an agreement between