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‘Drastic measures’ threatened in Kumho Tire brand dispute

While Park Sam-koo won’t bid to acquire the Kumho Tire shareholding currently held by its creditors, he already holds one particular asset, and he’s not willing to simply let go of it. Through subsidiary Kumho Industrial, the Kumho Asiana Group chairman controls rights to the Kumho brand name. Park is prepared to allow whoever acquires the 42.01 per cent share in Kumho Tire to use the Kumho name – provided they pay for the privilege. This is a point that will likely complicate any potential sale.

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Related news:

  1. Kumho Asiana’s Park no longer interested in Kumho Tire share
  2. Acquisition ugliness: Kumho Tire execs threaten mass resignation
  3. Doublestar surprises with demand for Kumho Tire discount
  4. New Kumho Tire asking price a chance for Park Sam-koo
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Kumho Asiana boss no longer looking to buy Kumho Tire share

At a press conference in Seoul today, Kumho Asiana Group Chairman Park Sam-koo stated he has no intention to acquire the share in Kumho Tire currently controlled by the Korea Development Bank and other creditors. Although originally interested in purchasing the 42.01 per cent stake, Park has relinquished his first right of refusal.

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  1. Park Sam-koo, potential suitors ready for Kumho Tire bidding
  2. Preferred Kumho Tire bid to be chosen next week
  3. Park has funds for Kumho Tire buyback
  4. Kumho Tire: Can Park afford to match Qingdao Doublestar bid?
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Creditors name new Kumho Tire senior management

Kim Jong-ho will likely return as president and chief executive officer of Kumho Tire. The 70-year old, who held these positions from 2009 until his retirement in 2012, has been recalled by the tyre maker’s creditors to head the loss-making company. During his previous tenure, Kim led Kumho Tire through the early years of its debt workout programme. The creditors will seek approval for Kim’s appointment at a Kumho Tire extraordinary shareholders’ meeting on 1 December.

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Related news:

  1. Kumho Tire appoints H.S. Lee its new CEO
  2. Kumho Tire appoints Kim Jong-ho as CEO
  3. Doublestar wants Kumho Tire stake for KRW 800 billion
  4. Kumho Asiana boss no longer looking to buy Kumho Tire share
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Study: All-season 4% of UK tyre sales in 2016

According to a study carried out for Kumho Tire, sales of all-season tyres in the UK are only a little over half the European average. Kumho contracted market research institute GfK to look at all-season tyre sales in ten European countries; GfK found that four per cent of tyre buyers in the UK opted for all-season products.

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  1. Mid-range all-season tyres lead market growth
  2. Vredestein: Premium all-season tyres are trending
  3. 4×4 and SUV product mix shifting towards budget tyres
  4. Vredestein: all-season SUV tyre trend favours our specialist range
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Union asks South Korea to address Kumho Tire’s employee relations in USA

Leo W. Gerard, president of US-based trade union the United Steelworkers (USW), has sent a letter to South Korea’s President in which he raises concerns about Kumho Tire’s dealings with its workforce in the United States. The USW comments that this correspondence with Moon Jae-in addresses Kumho’s “union-busting actions towards its workers” and asks the South Korean government to intervene and “ensure that the workers are free to exercise their democratic rights.”

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Related news:

  1. Tom Conway appointed USW international president
  2. Tyre makers show interest in buying Kumho Tire stake
  3. Doublestar wants Kumho Tire stake for KRW 800 billion
  4. U.S. Senator to Goodyear: Workers are ‘tired of this corporate race to the bottom’
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Doublestar wants Kumho Tire stake for KRW 800 billion

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On Friday, we reported that Chinese tyre maker Qingdao Doublestar Tire was angling for a ten per cent discount on the 42.01 per cent stake in Kumho Tire it wishes to acquire. Not so, wrote The Korea Times over the weekend – according to its sources, Doublestar wants creditors to cut the price to KRW 800 billion (£544.6 million), a discount of 16.2 per cent on the original bid price.

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Related news:

  1. New Kumho Tire asking price a chance for Park Sam-koo
  2. Tyre makers show interest in buying Kumho Tire stake
  3. Creditors, Doublestar Tire receive final offer for use of Kumho brand name
  4. Kumho Tire proposal ‘tentatively’ accepted
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Doublestar surprises with demand for Kumho Tire discount

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Just when it seemed the sale of a controlling stake in Kumho Tire to Qingdao Doublestar Tire was in the bag, the Chinese tyre maker has surprised everyone with its demand that Kumho Tire’s creditors reduce their KRW 955 billion (£650.3 million) bid price by ten per cent. Will this cause the deal to fall apart?

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Related news:

  1. New Kumho Tire asking price a chance for Park Sam-koo
  2. Creditors strive to keep Kumho Tire deal alive
  3. Acquisition ugliness: Kumho Tire execs threaten mass resignation
  4. Kumho Tire’s creditors accept proposal
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Signing of Kumho Tire contract expected this month

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According to industry sources, Kumho Tires’ creditors will return the agreement on use of the Kumho brand name to Kumho Industrial this week ahead of a planned signing of a contract before the end of the month.

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Related news:

  1. Acquisition ugliness: Kumho Tire execs threaten mass resignation
  2. Creditors strive to keep Kumho Tire deal alive
  3. Kumho Tire creditors propose brand name rights compromise
  4. Creditors, Doublestar Tire receive final offer for use of Kumho brand name
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Kumho Tire profits drop 26% in Q2 2017

Decreased demand from major markets has caused led to lower net profit at Kumho Tire in the second quarter of the year. Yonhap News reports that in the three months to 30 June, the South Korean tyre maker achieved consolidated net profits of Krw 195 billion (£132.5 million), 26.4 per cent less than a year earlier. Operating profit fell 34.4 per cent year-on-year to Krw 204 billion (£138.6 million).

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  1. Q3 2016: Kumho Tire operating profit in the black
  2. Michelin boosts profits in first-half 2014
  3. Hella: EBIT up 21% in FY2016-17
  4. Nokian Tyres: ‘Good development’ despite currency headwinds in Q1 2018
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Kumho Tire’s creditors accept proposal

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Nothing now stands in the way of Qingdao Doublestar Tire’s acquisition of a 42.01 per cent share in Kumho Tire. Last Friday, the creditors of Kumho Tire accepted the offer made by Kumho Asiana.

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Related news:

  1. Creditors strive to keep Kumho Tire deal alive
  2. Acquisition ugliness: Kumho Tire execs threaten mass resignation
  3. Kumho Tire proposal ‘tentatively’ accepted
  4. Kumho Tire acquisition: Is a tyre maker behind Tire Bank bid?
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Kumho Tire proposal ‘tentatively’ accepted

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Although it’s probably too early for champagne corks to pop, progress has been made in the Kumho Tire shareholding negotiations. Yonhap News Agency writes that the tyre maker’s creditors have “tentatively agreed to accept original proposals” made by Kumho Asiana, adding that this may pave the way for creditors to complete the sale of the 42.01 per cent shareholding to Qingdao Doublestar Tire.

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Related news:

  1. Acquisition ugliness: Kumho Tire execs threaten mass resignation
  2. New Kumho Tire asking price a chance for Park Sam-koo
  3. Kumho Tire – can a Doublestar acquisition still take place?
  4. Doublestar back in pole-position for Kumho purchase
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Creditors, Doublestar Tire receive final offer for use of Kumho brand name

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Negotiations over the use of the Kumho brand name are drawing to a conclusion, with Park Sam-Koo and the board of Kumho Industrial Co. announcing their final offer following a meeting yesterday. This offer centres on the payment of 0.5 per cent of Kumho Tire’s sales in brand royalties for 12.5 years and a clause ensuring that Doublestar uses the Kumho name for the entire period.

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Related news:

  1. Acquisition ugliness: Kumho Tire execs threaten mass resignation
  2. Kumho brand name off-limits to tyre maker’s potential purchaser
  3. Kumho Tire: Will South Korea’s new President stop sale to Doublestar?
  4. New Kumho Tire asking price a chance for Park Sam-koo
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Acquisition ugliness: Kumho Tire execs threaten mass resignation

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Qingdao Doublestar Tire’s bid to acquire 42.01 per cent of South Korean tyre maker Kumho Tire is developing into a drama of the sort not witnessed since a stubborn Cooper Chengshan Tire helped derail Apollo Tyres’ purchase of Cooper Tire & Rubber. Business Korea writes today that 41 Kumho Tire executives, including chief executive officer Lee Han-seob, intend to resign should Kumho Tire’s creditors sell the share to Doublestar.

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Related news:

  1. Kumho Tire deadline approaching
  2. Creditors, Doublestar Tire receive final offer for use of Kumho brand name
  3. Kumho Tire proposal ‘tentatively’ accepted
  4. Kumho Tire acquisition: Is a tyre maker behind Tire Bank bid?
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Kumho Tire to appeal poor KDB rating

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The unflattering evaluation Korea Development Bank (KDB) gave Kumho Tire on 7 July has ruffled feathers within the tyre maker’s management, and Kumho Tire intends to take legal action against what it considers a rating artificially given to achieve a specific purpose.

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Related news:

  1. Kumho Tire proposal ‘tentatively’ accepted
  2. Kumho Tire share price rises on acquisition speculation
  3. Kumho Tire – can a Doublestar acquisition still take place?
  4. No extension for Kumho Tire receivership deadline
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