Yokohama Rubber Co.’s board of directors approved entrance into a master technological alliance agreement with Kumho Tire, member of the Kumho Asiana Group. The alliance agreement defines the framework and purpose of the technology alliance and paves the way for further discussion of the details of the proposed technology tie-up between the two companies.
The agreement is the result of discussions between the two companies following their signing of the memorandum of understanding on Nov. 29, 2013.
The two tiremakers said they aim to grow and increase their competitiveness in the global market by sharing R&D resources and making a more effective use of them through joint research and development on tires.
Under the master agreement, YRC and Kumho will conduct detailed discussions on various other contracts, including a cooperative R&D agreement and a licensing and technology exchange agreement, that set forth the details of their technology alliance. The companies will also proceed with discussions on a proposed capital alliance based on cross-shareholdings.
