Kumho Archives - Page 31 of 51 - Tyrepress

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Kumho’s Creditors Fund $1.08 Billion Capital Injection

The Korea Development Bank has led a band of Kumho creditors in signing a 1.2 trillion won ($1.08 billion) agreement; half in a debt-for-equity swap and half in new capital. Ahn Yang-soo, senior director of KDB and the executive in charge of Kumho’s debt, told the Korea Times: “Creditors agreed to assist Kumho. We will switch company debts into stocks. We also will give additional capital to help the company manage its businesses. We think the rescue plan will provide Kumho the momentum to turn its business around.’’

23rd April 2010/by Tyrepress Editors

Kumho Workers Accept Restructuring Proposal

In a vote held on April 21, unionised workers have accepted Kumho Tire’s proposed restructuring plan, including a cut in wages and bonuses. According to information published by the Wall Street Journal, the agreement paves the way for a 10 per cent reduction in salaries for 2010 and a further five per cent reduction before Kumho Tire’s exit from a debt-rescheduling programme in some two to three years’ time. In return, Kumho has withdrawn plans to lay off or outsource around 1,200 workers.

22nd April 2010/by Tyrepress Editors

Kumho Tires, Union Reach Agreement

An agreement between management at Kumho Tires and the union representing employees has finally been reached. The Korea Times states that on April 18, during the 26th round of negotiations, both parties found common ground on all major issues. As per the terms of this final agreement, the decision to lay-off 189 Kumho Tires workers has been revoked on the condition that employees submit written assurances regarding the adherence to company regulations. The Korea Times adds that a further plan to outsource 1,006 employees will be cancelled should the agreement gain worker approval when voted upon.

19th April 2010/by Tyrepress Editors

Michelin’s F1 Return Dependant on Competition

The rumours continue to circulate about Michelin’s return as a tyre supplier to Formula One, says Tire Review. However, a source with the French manufacturer told Racing Engineering that its return is sure to be partly dependent on competition from rival companies. “We are interested in it but it must be right, who knows what will happen,” the spokesperson said. “Certain things have to be done, we must have competition, and we do not want to be the only supplier.”

12th April 2010/by Tyrepress Editors

Receivership Inches Closer Following Rejection of Kumho Pay Deal

The thumbs down given by workers at Kumho Tires to a plan outlining wage cuts may jeopardise the company’s ongoing viability. According to the JoongAng Daily, a Korea Development Bank official dealing with the Kumho Asiana Group stated that “Since the agreement between the union and management was rejected, the workout process cannot continue. Unless union workers agree to restructuring, they won’t be able to save their company.” The deal, part of a larger agreement between Kumho Asiana and its creditors, would have permitted a 10 to 15 per cent reduction in wages and the removal of incentives. This would, notes the Korean newspaper, lead to monthly pay packets being up to 40 per cent smaller.

12th April 2010/by Tyrepress Editors

Kumho Tire Workers Reject Pay Cut Agreement

On April 1 a nine-hour strike held by Kumho Tire workers was called off following a tentative agreement reached between union leaders and Kumho management. This agreement outlined a ten per cent wage reduction for employees at the financially burdened company, plus an additional five per cent pay cut during the time in which Kumho Tire is undergoing a debt rescheduling programme. However the Yonhap News Agency reported on April 9 that this tentative agreement has been rejected by employees.

9th April 2010/by Tyrepress Editors

Michelin Could Return to F1 Next Year

Michelin is reportedly close to returning to Formula One, albeit not as a standard tyre supplier. Although the news remains unconfirmed, Autosport reported that the French tyre manufacturer is in “advanced negotiations with the FIA about the terms of a return for the first time since it quit at the end of 2006.” A formal announcement confirming Michelin’s role is expected this month, according to the reports.

1st April 2010/by Tyrepress Editors

Michelin Rumoured Close to F1 Return

If Autosport has it right, Michelin is not far from a decision regarding a return to Formula 1, although not as a sole tyre supplier. According to the autosport.com website, the French tyre maker may make an announcement regarding this during April.

1st April 2010/by Tyrepress Editors

Production Halted at Kumho’s Gwangju Plant

South Korea’s JoongAng Daily reports the production line at Kumho Tire’s Gwangju factory has stood idle since last week due to the unavailability of rubber. The company planned to secure emergency funding from its creditor to purchase additional supplies of the commodity, however this action has been delayed due to disagreements with the union representing Kumho Tire employees.

29th March 2010/by Tyrepress Editors

Kumho to Increase Online Presence in 2010

Kumho Tire USA says it will increase marketing efforts on major social networking sites such as Facebook, Twitter and YouTube to reach current and future Kumho enthusiasts. The Kumho Tire page on Facebook allows fans to get updates on upcoming new products, insights on Kumho's motorsports activities and drivers, and exclusive access to contests and giveaways. "Many of our loyal fans are already active users of Facebook and other social media sites so it was just a natural extension for Kumho to join and be a member of this thriving community," commented Rick Brennan, Kumho's vice president of Marketing.

15th March 2010/by Tyrepress Editors

Kumho OE for Mercedes Sprinter

Kumho Tyres reports that late last year it began supplying its Radial 857 light commercial vehicle tyre in size 235/65 R16C 115/113R as original equipment for the Mercedes-Benz Sprinter (NCV3). The Radial 857 is Kumho’s latest tyre for vans and similar vehicles, and the manufacturer states it offers excellent handling properties, a strengthened casing and high mileage.

12th March 2010/by Tyrepress Editors

Acceptance of Daewoo Sale to Aid Kumho Restructuring Plan

The Kumho Asiana Group is one step closer to untying its financial knots following the financial investors of Daewoo Engineering and Construction accepted the terms for selling their share in the company. This leaves the path clear for Kumho Asiana to continue its restructuring plans a step further without losing Kumho Industrial to court receivership.

11th March 2010/by Tyrepress Editors

Kumho Launches First US Market Eco-Friendly Tyre

Kumho Tire USA has launched its new eco Solus HM tyre; its first eco-friendly tyre for the US market. Kumho says the all-season tyre is “less impactful on the environment while delivering exceptional performance.” The Korean manufacturer also offers a 100,000-miles tread wear warranty with the tyre: “one of the highest treadwear warranties available from any tyre manufacturer,” Kumho claims. The tyre is available in 23 T-rated sizes covering 13- to 17-inch diameters. (Tire Review)

10th March 2010/by Tyrepress Editors

Korean Govt Official Calls Upon Kumho Union to Make “Sacrifices”

Korea’s Strategy and Finance minister has urged the union representing Kumho Tires employees to make a “necessary” sacrifice for the good of the financially troubled parent company. The Korea Times writes that Yoon Jeung-hyun encouraged unionised workers to work together with Kumho management to assist the Kumho Asiana Group.

5th March 2010/by Tyrepress Editors

Yokohama HPT’s Seward Appointed ITMA President

The managing director of Yokohama’s UK distributor, David Seward, has been appointed president of the Imported Tyre Manufacturers’ Association. Commenting on his appointment, Seward said; “Yokohama has been a long-standing member of ITMA and I am delighted and honoured to have been appointed President of the Association. ITMA has a vital role in the UK and it is a responsibility I will give my full commitment to.

5th March 2010/by Tyrepress Editors