Kumho Tire extends USA basketball sponsorship
Two new partnerships have deepened Kumho Tire USA’s engagement with the NBA. In separate agreements, the company has become the new official tyre of the Atlanta Hawks and the Charlotte Hornets.
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US presence makes Kumho acquisition highly attractive for Apollo Tyres
Apollo TyresIf at first you don’t succeed, try, try, try again. It is almost three years since Apollo Tyres Ltd’s planned takeover of Cooper Tire & Rubber fell apart, and now the company is in the running to acquire another top-15 global tyre maker. In an interview with Indian newspaper The Hindu, Apollo vice-chairman and managing director Neeraj Kanwar confirmed the submission of a non-binding bid to acquire Kumho Tire, however he also indicated that Apollo Tyres isn’t rushing into anything.
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).
Apollo Tyres named as potential Kumho buyer
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.
Hankook Tire not bidding for Kumho Tire share
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.
Reports: ChemChina interested in Kumho
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.”
Creditors to sell Kumho Tire shareholding
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.
Tyre makers show interest in buying Kumho Tire stake
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.
Kumho Tire appoints H.S. Lee its new CEO
Han-Seob Lee has succeeded Chang-Kyu Kim as chief executive officer of Kumho Tire. The 61-year old heads up the Korean tyre maker’s global business with immediate effect.
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.
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.
Former Kumho Europe marketing director returns as president
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 […]
