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Kumho Tire to aid Pakistani firm’s entry into tyre manufacture

Under a technology transfer agreement signed with Pakistan-based battery manufacturer Century Engineering Industries, South Korean tyre maker Kumho Tire will provide technological and manufacturing know-how as Century establishes its own tyre production plant. The agreement signed in Seoul today covers the ten-year period to September 2028; Century Engineering will initially pay Kumho Tire US$5 million and 2.5 per cent of turnover for the assistance provided, with the contract scheduled for review after five years.

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Related news:

  1. Yokohama Rubber ends technology tie-up with Kumho Tire
  2. Kumho Tire CEO ‘grateful’ for dealers’ support as first post-acquisition tyre launched
  3. Yokohama, Kumho follow MoU up with R&D master agreement
  4. Acquisition ugliness: Kumho Tire execs threaten mass resignation
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Yokohama Rubber ends technology tie-up with Kumho Tire

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A new beginning, and also an end: 6 July, the date on which Doublestar Tire’s acquisition of a 45 per cent share in Kumho Tire was officially completed, was also the day a full stop was placed behind more than four years of technological cooperation between Yokohama Rubber and Kumho Tire. In a statement issued today, Yokohama Rubber informs that it terminated these tie-ups according to their terms and condition following the change in Kumho Tire’s controlling shareholder.

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Related news:

  1. Kumho Tire to aid Pakistani firm’s entry into tyre manufacture
  2. Yokohama, Kumho follow MoU up with R&D master agreement
  3. Acquisition ugliness: Kumho Tire execs threaten mass resignation
  4. Kumho takeover implosion isn’t the end of market consolidation attempts
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Doublestar acquisition of Kumho Tire completed

A ceremony was held on 6 July to mark to completion of Doublestar Tire’s acquisition of a 45 per cent share in Kumho Tire. The event in Seoul was titled ‘Celebrating New Beginning’ and was attended by the Chinese and South Korean tyre makers’ management teams as well as representatives from Korea Development Bank, which together with other creditors still maintains a 23 per cent share in Kumho Tire.

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Related news:

  1. Acquisition ugliness: Kumho Tire execs threaten mass resignation
  2. Kumho Tire acquisition: Is a tyre maker behind Tire Bank bid?
  3. Kumho Tire proposal ‘tentatively’ accepted
  4. Kumho Tire delisting as military supplier
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Linglong to become first Chinese global Top 10 car tyre manufacturer by 2019 – analyst

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New research by London based independent research company Astutus Research suggests that a domestic Chinese company could be about to join the top 10 global manufacturers of passenger car and light truck (PCLT) tyres. Linglong Tyre, currently ranked 12th globally in the segment by unit sales, is forecast to take tenth place by 2019, replacing South Korea’s Kumho Tyre. The move would make the manufacturer the first from China to enter the PCLT top 10.

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Related news:

  1. Decennial shift in global PCLT tyre volume market share
  2. ZC Rubber still number one tyre manufacturer in China 
  3. Premium tyremakers continue to lead global top 20
  4. ZC Rubber, Bekaert sign strategic cooperation agreement
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Kumho Tire CEO ‘grateful’ for dealers’ support as first post-acquisition tyre launched

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A new owner has arrived on the scene, but it is business as usual for Kumho Tire in Korea. The tyre maker has launched its first new tyre since Doublestar became Kumho Tire’s largest shareholder last month. More than 350 dealers from across South Korea attended the unveiling of the Kumho Majesty 9 Solus TA91 yesterday.

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  1. Kumho Tire to aid Pakistani firm’s entry into tyre manufacture
  2. Kumho the strongest ‘local’ in South Korea’s aftermarket
  3. Kumho brand name off-limits to tyre maker’s potential purchaser
  4. Creditors, Doublestar Tire receive final offer for use of Kumho brand name
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Kumho Tire delisting as military supplier

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A very small percentage of Kumho Tire’s output in recent years was shipped to the Republic of Korea Air Force for its F-16 fighter and T-50 trainer jet, and this military business was a complicating factor in the sale a 45 per cent stake in the tyre maker to China’s Doublestar Tyre. Following the vote to accept Doublestar’s KRW 646.3 billion (£441.9 million) bid, Kumho Tire has requested that South Korea’s government cancel its designation as a defence-related company. This request is now being reviewed.

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  1. Acquisition ugliness: Kumho Tire execs threaten mass resignation
  2. Kumho Tire proposal ‘tentatively’ accepted
  3. Kumho Tire – can a Doublestar acquisition still take place?
  4. Kumho Tire acquisition: Is a tyre maker behind Tire Bank bid?
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Toyo wins latest round of Doublestar legal action

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Toyo Tire and Rubber and Toyo Tire USA have prevailed in the liability phase of the company’s trade dress infringement and breach of contract suit in Los Angeles Federal Court against Doublestar Dong Feng Tyre and Qingdao Doublestar Tire Industrial.

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  1. Toyo wins $1.6 million ruling against Doublestar
  2. US trade body investigating Toyo complaint
  3. Tyremakers among 52 automotive suppliers in US$23 million antitrust settlement
  4. Toyo Executives Officially Open European Office
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Doublestar names GB Tyres as exclusive UK and Ireland distributor

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Qindao Doublestar Overseas Trading Co. Ltd. has appointed GB Tyres UK Ltd, based in Tipton, West Midlands, as the exclusive United Kingdom and Ireland distributor of the Doublestar branded range of radial truck tyres.

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  1. John Parker named GB Tyres UK business development director
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  3. Bridgestone launches Dayton third line brand
  4. Continental and Bandvulc management comment on integration process
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Why Doublestar’s Kumho purchase is a good idea

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15 months after bidding got underway, Qingdao-based Doublestar and its consortium of Chinese banks and investors bought 45 per cent of the South Korean tyremaker Kumho Tire over the Easter weekend. Whatever other clauses are written into the deal, following the release of shares issued for the purpose of the sale, Kumho Tire’s creditors will own a 23.1 per cent shareholding in the tyre maker, down from 42.01 per cent. This makes the Chinese tyre firm controlling shareholders in South Korea’s Kumho Tire.

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Related news:

  1. Doublestar the only bidder left to buy Kumho
  2. Doublestar back in pole-position for Kumho purchase
  3. Kumho takeover implosion isn’t the end of market consolidation attempts
  4. Acquisition ugliness: Kumho Tire execs threaten mass resignation
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Doublestar acquires 45% share in Kumho Tire

After months of uncertainty, union members within the Kumho Tire workforce voted on 30 March to accept the sale of a 45 per cent stake in the tyre maker to China’s Doublestar Tyre. It is understood that just over 60 per cent of voting union members were in favour of the sale, sparing Kumho Tire from receivership. The deal with unionised employees was sweetened by guarantees of their job security for at least the coming three years.

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Related news:

  1. Kumho Tire proposal ‘tentatively’ accepted
  2. Kumho Tire – can a Doublestar acquisition still take place?
  3. Doublestar back in pole-position for Kumho purchase
  4. Kumho Tire acquisition: Is a tyre maker behind Tire Bank bid?
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Kumho Tire acquisition: Is a tyre maker behind Tire Bank bid?

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The latest news from South Korea suggests that local tyre distributor and retail network operator Tire Bank Co. Ltd. would like to purchase the Kumho Tire shareholding that China’s Qingdao Doublestar Tire is currently negotiating to acquire from creditors. The unexpected appearance of the Daejeon-based firm, which hinted it may bid together with one or more partners, further complicates an already drawn out and difficult transaction.

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Related news:

  1. Acquisition ugliness: Kumho Tire execs threaten mass resignation
  2. Kumho Tire deadline approaching
  3. Doublestar acquires 45% share in Kumho Tire
  4. Doublestar acquisition of Kumho Tire completed
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KDB wants a no-strike clause in Kumho/Doublestar deal

Korea Development Bank (KDB), the main creditor of Kumho Tire, has plans to put a no-strike clause in Doublestar’s current bid to buy Kumho.

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Related news:

  1. Reports: Doublestar/Kumho acquisition close to collapse
  2. Doublestar back in pole-position for Kumho purchase
  3. Apollo Tyres ‘has no intention’ of entering Kumho acquisition race
  4. Kumho Tire CEO ‘grateful’ for dealers’ support as first post-acquisition tyre launched
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Kumho Tire deadline approaching

It won’t be a Good Friday for Kumho Tire if an agreement between its creditors and the labour union representing its workforce isn’t reached by the end of this week. Friday 30 March is the deadline set for a formal consensus regarding the sale of a 45 per cent share in the tyre maker to China’s Qingdao Doublestar Tire for KRW 646.3 billion (£421.7 million).

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Related news:

  1. Acquisition ugliness: Kumho Tire execs threaten mass resignation
  2. Kumho Tire acquisition: Is a tyre maker behind Tire Bank bid?
  3. Kumho brand name off-limits to tyre maker’s potential purchaser
  4. Kumho Tire delisting as military supplier
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Doublestar back in pole-position for Kumho purchase

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Having previously been ruled out of the running to buy Kumho Tire, Qingdao, China-based manufacturer Doublestar Tire is once again in pole-position to buy the South Korean tyremaker. “Doublestar Tire is the best option in view of a fast restoration of Kumho Tire and its corporation in China and the minimization of our losses”, Kumho’s creditors said in a widely reported statement.

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Related news:

  1. Doublestar the only bidder left to buy Kumho
  2. Acquisition ugliness: Kumho Tire execs threaten mass resignation
  3. Kumho Tire proposal ‘tentatively’ accepted
  4. Why Doublestar’s Kumho purchase is a good idea
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Kumho Tire – can a Doublestar acquisition still take place?

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The Korea Development Bank (KDB) has denied finalising the sale of a 42.01 per cent share in Kumho Tire to Qingdao Doublestar Tire, but that’s exactly what we’d expect it to do until all the ‘i’s are dotted and ‘t’s crossed. Negotiations between Kumho Tire’s creditors and Doublestar recently recommenced, however The Korea Herald has quoted a KDB official as stating “nothing has been finalised.”

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Related news:

  1. Kumho Tire proposal ‘tentatively’ accepted
  2. Doublestar acquires 45% share in Kumho Tire
  3. Acquisition ugliness: Kumho Tire execs threaten mass resignation
  4. Kumho Tire acquisition: Is a tyre maker behind Tire Bank bid?
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