Kumho Tire has entered into a technology licensing agreement with Blatco (Black Arrow Tire Co.), a Saudi company established in 2019 to kick-start tyre manufacturing within the country with joint venture partners. Under the terms of the agreement, Kumho Tire will provide Blatco its passenger vehicle tyre production technology for the next 20 years.
Kumho Tire representatives have confirmed reports that the South Korean tyremaker has signed a Memorandum of Understanding with Saudi tyre business Black Arrow Tire Co (Blatco). However, the two parties differ on the degree of progress made with the talks.
Various news sources are reporting that South Korea’s Kumho Tire signed a memorandum of understanding (MoU) with Saudi Arabia-based Blatco (Black Arrow Tire Co. as part of the Saudi-South Korean Business Forum on 18 January 2022. As many as 13 agreements were signed during the Saudi-South Korean Business Forum, of which 10 were signed by oil major Saudi Aramco.
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