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General Strike on the Cards Following Kumho Layoff Announcement

The Korea Times has reported general strike plans following the announcement of large-scale layoffs at Kumho Tires. Company management is said to have announced the names of 1,199 workers that will be laid off from its Gwangju plant on April 2 under a restructuring plan. Management says 1,006 of the laid off workers will be rehired by subcontractors. These plans were unsuccessfully opposed by union representatives, who attempted to reach a compromise with Kumho by offering salary and reduction bonuses.

4th March 2010/by Tyrepress Editors

KL51 On-Road is Recent Addition to Kumho 4×4 Range

The most recent addition to Kumho’s Road Venture APT KL51 is available in sizes up to 18 inches in diameter. According to company representatives, this street terrain tyre delivers “tremendous all-season traction, low noise and extended mileage performance.” In addition to the KL51, Kumho reports that it offers a comprehensive 4×4 tyre range that covers all popular SUVs such as the Mercedes ML, Porsche Cayenne, VW Touareg and BMW X5, as well as the more serious off-road vehicles, and even specialist fitments of up to 32 inches in diameter not produced by other manufacturer.

25th February 2010/by Tyrepress Editors

Can Bridgestone be Convinced to Stay with F1?

An article published by Spanish sports publication El Mundo Deportivo indicates concern from Formula 1 teams about tyres for the 2011 season may be behind alleged attempts to woo Bridgestone back into the tyre supply fold. The Japanese manufacturer stated cost as one of the reasons for its decision not to continue with the championship after 2010, however talks are now allegedly taking place to find ways of reducing necessary expenditure below the 55 million euros per annum Bridgestone currently spends.

23rd February 2010/by Tyrepress Editors

Kumho Asiana Group Shares Jump Following Creditor Support

Messages of support from major creditors such as Korea Development Bank and a restructuring plan have led to shares in the Kumho Asiana Group – which includes Kumho Tire – experiencing a jump of up to 15 per cent in Tuesday trading, say Reuters reports. The state-run bank helped the company to suppress ideas that the Group could be heading for court receivership. The gains outpaced a general improvement of 0.7 per cent in the rest of the market.

9th February 2010/by Tyrepress Editors

Kumho Australian Rally Supply Begins with Successful Testing

Kumho has successfully completed preseason tests on its tyre selections for the Australian Rally Championship. The R900, designed for compacted gravel, the R800 for loose gravel and the wet-weather and muddy conditions R700 all impressed drivers with their high levels of grip, longevity and predictability having used them in the scorching temperatures of a Melbourne heat wave.

9th February 2010/by Tyrepress Editors

Kumho Asiana May Face Court Receivership

After owners of troubled Kumho Asiana Group rejected a demand by creditors that they offer their stockholdings and assets as collateral for fresh loans, creditors have said all restructuring steps would be put on hold, with some floating the idea that key parts of the group would be put under court receivership, reported the Korea Times.

8th February 2010/by Tyrepress Editors

Wages, Bonuses Frozen at Kumho Petrochemical

One of Kumho Petrochemical’s main businesses is the production of synthetic rubbers, much of which is supplied to the tyre industry. The company’s Ulsan plant in South Korea alone produces in excess of half a million tonnes of synthetic rubber per annum. To tackle the company’s recent economic crisis, in late January the Kumho Asiana division’s labour management negotiation committee met with the three main labour unions representing Kumho Petrochemical employees at its Ulsan rubber and plastic facilities and its Yeosu rubber plant and reached an agreement on a number of matters.

3rd February 2010/by Tyrepress Editors

Kumho Tire Work-Out Plan Approved by Creditors

Joongang reports that creditors of Kumho Tire have approved a debt work-out programme. The work-out scheme was proposed by parent company Kumho Asiana Group last week, effectively putting bond payments on hold for the next three months. The next step, the newspaper said, will come as creditors perform due diligence, then lay out and enforce restructuring plans. Creditors of Kumho Tire met at the headquarters of state-run Korea Development Bank, where more than 95 per cent voted in favour of the restructuring.

2nd February 2010/by Tyrepress Editors

Kumho Delays Wages to Tyre and Industrial Employees

The financial plight of the Kumho Asiana Group is deepening as creditors defer liquidity provision while devising a turnaround plan for two of its affiliates, reports Tire Review. Kumho Tire could not pay wages to its employees for a second straight month, while Kumho Industrial became the second affiliate to announce it would be unable to send out salaries.

28th January 2010/by Tyrepress Editors

Kumho’s Kim to Dealers: “We are Here to Stay”

The sandbags outside one of the lobbies to the hotel served as an oddly timed metaphor for the 2010 Kumho Tire USA Dealer Meeting last week in Desert Palms, California, Tire Review reports. An unrelenting rain that caused floods across much of Southern California had pounded the area for a week. Its parent company in financial turmoil, Kumho Tire USA has been flooded by a rising tide of questions from media, dealers and suppliers, and the company used the meeting to address its future.

25th January 2010/by Tyrepress Editors

Byun Appointed Kumho Tire Europe President & Managing Director

Yuong Nam Byun is to be appointed the new president and managing director of Kumho Tire Europe GmbH. Byun, who studied business administration at Ohio State University in the US, has held various positions at Kumho. Most recently he was managing director, sales for Central and South America, and in this capacity also was responsible for the most important emerging markets worldwide.

25th January 2010/by Tyrepress Editors

Creditors’ Preliminary Report Confirms Kumho Tire's Business Potential

Creditors have reportedly named PricewaterhouseCoopers Korea and Deloitte Anjin LLC as the firms carrying out due diligence on Kumho Tire and Kumho Industrial. The accounting firms may take about two months two deliver reports, however creditors have decided to conclude the process earlier than previously planned to speed up the normalisation of the two Kumho Asiana business units.

20th January 2010/by Tyrepress Editors

Kumho Restructuring Deal Hits Snag: Reports

The Korea Times has reported (on 19 January, 2010) that creditor-led restructuring of the cash-strapped Kumho Asiana Group has started off badly. Reports say that disputes are growing between the group, creditors and other stakeholders over how to resolve major issues surrounding debts from Kumho’s takeover of Daewoo Engineering & Construction in 2006. Separately, the debt workout programs of Kumho Industrial and Kumho Tire have hit rocky ground as founding family members and creditors are in disagreement over how to restructure the group. Creditors insist Kumho Petrochemical, the group's de facto holding firm, and Kumho Asiana Airlines should be subject to the debt repayment plan.

19th January 2010/by Tyrepress Editors

Kumho Asiana Fires Seven Execs

According to a statement released by Kumho Asiana, the group dismissed seven of its 18 CEO-level executives on January 12. The company had previously said it would cut the number of executives in its ranks by 20 per cent and raise more than Krw 1.3 trillion (£695 million) through cost cutting measures and asset sales.

13th January 2010/by Tyrepress Editors

Update – Details emerging on Impact of Kumho Workout

Even as the debt-laden Kumho Asiana Group continues with its overall corporate restructuring plan, more details are starting to emerge about the fate of its Kumho Tire Co. unit. Both Kumho Tire and sister unit Kumho Industrial have entered a debt “work-out” program with creditors, and the “majority” of those creditors have agreed to freeze debt repayments for three months to allow the companies “time to carry out a planned restructuring programme.”

7th January 2010/by Tyrepress Editors