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Q3 2016: Kumho Tire operating profit in the black

Kumho Tire has reported an operating profit of KRW 9.5 billion (£6.5 million) for the third quarter of 2016; this result contrasts strongly with the KRW 6.0 billion loss recorded in the same three months of last year. Sales in the July to September period amounted to KRW 710.1 billion (£482.9 million), one per cent less than during the same period of 2015. The South Korean tyre maker’s third quarter net loss declined year-on-year from KRW 55.4 billion to KRW 32.0 billion (£21.8 million).

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Apollo Tyres named as potential Kumho buyer

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According to The Economic Times, Apollo Tyres has shown interest in acquiring Kumho Tire. The Indian financial daily says Apollo is competing with Chinese firms Shandong Linglong Tire and ChemChina to acquire the South Korean tyre maker, a transaction said to be valued at US$900 million.

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  1. US presence makes Kumho acquisition highly attractive for Apollo Tyres
  2. Park Sam-koo, potential suitors ready for Kumho Tire bidding
  3. Tyre makers show interest in buying Kumho Tire stake
  4. Warburg Pincus investing £117 million in Apollo Tyres
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Hankook Tire not bidding for Kumho Tire share

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Speculation is rife in South Korea regarding who’ll acquire the 42.1 per cent shareholding in Kumho Tire that is currently up for sale. Pirelli parent company ChemChina has already been named as a prospective buyer, as have Continental and Michelin. One tyre company can, however, be ruled out as a new Kumho Tire shareholder.

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Reports: ChemChina interested in Kumho

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ChemChina is said to have expressed interest in Kumho Tire Co., according to Korean news source. Citing “industry sources” Pulse News said ChemChina “signed a non-disclosure agreement (NDA) with creditors of Kumho Tire last month and began preparing for an official bid. The Chinese company selected Boston Consulting Group to advice on the deal.”

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Creditors to sell Kumho Tire shareholding

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The creditors who hold a 42 per cent share in Kumho Tire are said to have begun the process of selling the tyre maker. Reuters reports a spokesperson for Korea Development Bank, the largest Kumho Tire shareholder, as giving November or thereabouts as the deadline for initial letters of interest, with main bids coming in or around January. Credit Suisse has been appointed to manage the deal.

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  2. Kumho Tire delisting as military supplier
  3. Park Sam-koo, potential suitors ready for Kumho Tire bidding
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Tyre makers show interest in buying Kumho Tire stake

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Germany’s Continental AG is said to be discussing the potential acquisition of Kumho Tire, and is just one of several tyre makers apparently interested in purchasing the company. News of this development comes at a time when Kumho Asiana Group chairman Park Sam-Koo’s efforts to regain control of Kumho Tire have run into difficulties.

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  1. Doublestar wants Kumho Tire stake for KRW 800 billion
  2. New Kumho Tire asking price a chance for Park Sam-koo
  3. Creditors, Doublestar Tire receive final offer for use of Kumho brand name
  4. Kumho Tire proposal ‘tentatively’ accepted
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Kumho Tire VP appointed CEO of Kumho Asiana

The Kumho Asiana Group has appointed Kumho Tire vice-present Park Se-chang the group’s chief executive officer. According to a Kumho press release, 40-year old Park, the only son of group chairman Park Sam-koo, will lead Kumho Asiana’s strategic management unit with current CEO Seo Jae-hwan.

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  4. New Kumho Tire asking price a chance for Park Sam-koo
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19 finalists chosen for 2015 AutoBild winter tyre test

In its annual winter tyre performance survey, German motoring publication AutoBild narrows a wide field of 49 winter tyres and two all-season tyres with wet and snow braking measurements before conducting a full test of a range of characteristics. 19 tyres made it through to the 2015/16 season test, conducted using the tyre size 185/60 R15.

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Former Kumho Europe marketing director returns as president

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Kumho Tire has appointed Charles Kim as the new president of Kumho Tire Europe GmbH, based in Offenbach. Kim was Kumho’s European marketing director from mid-2011 until the end of 2012. With 24 years of experience at Kumho, Kim reportedly has a reputation for being “doer” as well as a straight talker. Charles Kim spent […]

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Related news:

  1. Peter Becker leaving Kumho Tire
  2. Jung becomes Kumho Europe MD
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  4. Signing of Kumho Tire contract expected this month
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