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Kumho Delays US Facility

Local NBC reports in Georgia, USA say that Kumho is to delay the building of its tyre manufacturing plant in the state’s Bibb County. Unnamed officials told the news source that the plant would still be built, but not until late 2013. The Chamber of Commerce told WMGT.com that low demand for autos and the poor economy had lead to the delay. The Chamber president Chip Cherry said that Kumho is still deliberating over what tyre types will be manufactured at the site, which projections suggest will bring 450 jobs and $225 million into the area.

7th October 2009/by Tyrepress Editors

The Market is Ripe for Korean Tyre Makers

International News, News, UK News

2009 could be a breakthrough year for the Korean tyremakers. A collection of circumstances (some clearly the result of famed Far Eastern forward planning, and others distinctly more fortuitous), mean Kumho, Hankook and Nexen have found themselves poised to sell increasing numbers of replacement tyres in the UK and Europe. In addition, their successful efforts in the OE department – ironically helped along by the shaky macro-economic environment – mean this perfect storm of variables could leave the Korean manufacturers in an even stronger position when the dust settles. In the UK, a market where mid-range and economy tyres make up around 60 per cent of unit sales, official figures show that 4.7 million passenger car tyres of South Korean origin were imported last year. However, this cannot be the complete total because it only includes tyres imported from factories actually situated in South Korea. Owing to the fact that all three have significant manufacturing presences in China, and tyres often enter the market by “indirect routes,” it is likely the true total is a lot more.

30th September 2009/by Tyrepress Editors

Kumho to Build China Rubber Accelerator Plant

Kumho Petrochemical intends to construct a facility for the production of rubber accelerator in southwest China. The company announced on September 23 that it will spend 44 billion won (£22.4 million) to build the plant by the first quarter of 2011. The Chongqing plant is expected to annually produce 22,000 tonnes of rubber accelerator, a substance used during the vulcanisation process.

23rd September 2009/by Tyrepress Editors

Kumho Shows Laser Tread Etching Kit in Frankfurt

Kumho has been exhibiting examples of its brand new laser etching process at the Frankfurt Motor Show (15-27 September). In the future Kumho plans to avoid compromising functionality and aesthetics, as every tyre maker has had to do up till now, by producing tyres in two stages. The idea is to produce functional requirement by moulding in the normal way. However, any additional attributes or design features will then be etched onto the surface as required, making an attractive design, without compromising on functionality.

Said Roger Jenkins, managing director of Kumho’s Birmingham-based European Technical Centre: “The new laser technology will allow us far more freedom at the design stage and the ability to experiment with any number of patterns and surface finishes. In the future, the process could also provide production tyres with a variety of short-term gains – such as special surfaces for use in motorsport or driving on low friction surfaces etc.”

16th September 2009/by Tyrepress Editors

New Track/Street Tyre From Kumho

Kumho Tire USA officially unveiled its new Ecsta XS KU36, an ultra-high performance radial designed for both track and street performance. The tyre was introduced to select media yesterday at Mid-Ohio Sports Car Course in Lexington, Ohio.

15th September 2009/by Tyrepress Editors

$151 Million Credit Line for Kumho Tire USA

International News

Kumho Tire USA Corp. has taken a $151 million credit line, arranged by GE Capital Corporate Finance. The Rancho Cucamonga, Calif.-based tyre company plans to use the line for working capital. GE Capital has worked with Kumho since 2006.

11th September 2009/by Tyrepress Editors

Exactly What it Says on the Rim

Ever struggled to explain the subtleties of tyre type, application and axle positioning to haulage customers? With economic conditions forcing more operators to simply ask how to make tyres cheaper, explaining the benefits of correct tyre selection has arguably as important as even. In the midst of this context company representatives recently explained how Kumho’s truck tyre range features a clear naming system for all new tyres – L for long haul, R for regional, M for mixed service. The position is signified by a letter – S for steer, T for trailer and A for all-position. Finally a two digit number (01, 02 and so on) shows the series.

8th September 2009/by Tyrepress Editors

Kumho Labour Problems Solved

The recent labour dispute Kumho Tire in South Korea ended peacefully after “marathon” talks concluded peacefully on Saturday 5 September at 21:00. At the conclusion of the negotiations, local newspapers report that union workers agreed not to receive 2008 bonuses and to negotiate 2009 bonuses in the first quarter of 2010. As a result of the mutual agreement, Jooang Daily reported that Kumho management’s called off previously announced layoffs – a fact emphasized union sources. It is not clear if this means all 733 workers who were to be laid off on 24 August will now be able to work again.

Jooang quoted Kumho Tire as saying that the average annual salary of the 4,200 employees who work the company’s production line is 70 million won ($56,600). The company also said more than 30 per cent of workers receive an annual paycheck of more than 80 million won.

7th September 2009/by Tyrepress Editors

Kumho: Vietnam Plant Sale Reports “Completely Wrong”

International News

Kumho Europe representatives have quashed rumours that the South Korean tyre manufacturer is negotiating with Bridgestone over the sale of its new Vietnam factory. Wi Yun, Kumho Europe’s marketing manager, told Tyres & Accessories the suggestions published by Jaccar Investment are “a completely wrong statement.” Dismissing the report as “rumours” Wi added: “There have never been any negotiations nor discussion concerning this matter.”

4th September 2009/by Tyrepress Editors

Kumho May Sell Vietnam Plant

Kumho is in negotiations with Bridgestone to sell its recently finished tyre manufacturing plant in Vietnam, according to a report issued by Jaccar, a global investment firm. Kumho invested $155 million in the plant, which was completed in 2008 and has an annual production capacity of 3.15 million tyres. The tyre-maker has said it planned to export tyres manufactured in the Vietnam plant to southeast Asia, Europe and the US. Jaccar reported Kumho is negotiating the plant’s sale due to liquidity crunches resulting from the current “global financial turmoil.” (Tire Review)

3rd September 2009/by Tyrepress Editors

Lockout Declared at South Korean Kumho Plants

International News

The Korea Times has reported lockouts at three of Kumho’s facilities in South Korea. According to the paper, the company lockouts – the first Kumho has enacted in 15 years – began on August 25 in response to a union strike against its downsizing plan. Employee access to the Gwangju, Gokseong and Pyeongtaek facilities was blocked as of 4am on August 25, following 20 failed negotiation sessions.

25th August 2009/by Tyrepress Editors

Kumho to Lay off 706 Employees in September

It is alleged Kumho Tire will lay off 18 per cent of its workforce during September. According to South Korea’s Dong-a Ilbo (East Asia Daily), the tyre maker has filed an application to this effect with the Gwangju Regional Labour Office, and the country’s Labour Ministry stated on August 17 that Kumho will dismiss 706 employees on September 16. In its application, the company cited a number of reasons for its decision, including aggravating business conditions, rising accumulated deficits, and a lower operating rate at its factories due to declining profits. On August 10 Kumho began offering early retirement packages to employees. Only 20 workers have so far applied to take such an offer, however.

20th August 2009/by Tyrepress Editors

Kumho Experiences a Sense of Loss in Q2

The red ink was in demand at Kumho Tire during the preparation of its second quarter 2009 results. The South Korean manufacturer posted a net loss of KRW 98.3 billion (£48.15 million) during the three months to June 30. Sales in this period were down 23 per cent year-on-year to from KRW 614.3 billion (£300.90 […]

12th August 2009/by Tyrepress Editors

Kumho Inaugurates New Chairman

In a press release that avoids mentioning the recent Park family tussle, Kumho Asiana has announced the official inauguration of the group’s fifth chairman. Chan-Bup Park, who is no relation to San-koo and Chan-koo Park, began in his official capacity following an inauguration ceremony in Seoul on the morning of July 31.

6th August 2009/by Tyrepress Editors

Kumho Korean Production Resumes

Production at Kumho Tire’s three South Korean factories resumed on July 27 following a three-day strike. Unionised employees took this action after the tyre maker said it would fire 706 workers – some 18 per cent of its workforce – if the labour union did not agree to proposals to freeze wages and reduce fringe benefits. The union has demanded a 7.48 per cent increase in wages and bonus payments.

While the dispute has not yet been resolved, union and management representatives have agreed to meet again.

27th July 2009/by Tyrepress Editors