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Kumho Moving to New US Headquarters

(Akron/Tire Review) Kumho Tire USA Corp. has leased an 830,000-square-foot warehouse and office building in a new Rancho Cucamonga, California, industrial estate and plans to move its US headquarters and distribution centre there by July. The company reportedly signed a 10-year, $35 million lease for the facility in the Haven Distribution Center. Kumho, currently headquartered in Fontana, has placed its current 265,000-square-foot headquarters and distribution centre facility on the market.

5th May 2005/by Tyrepress Editors

Kumho Announces Price Increase

(Akron/Tire Review) Kumho Tire USA plans to increase prices on passenger, light truck and commercial truck tyres from the first of June. Depending on the type of tyre, prices will increase up to by up 8 per cent, according to the manufacturer. Continuing price increases for raw materials and rising shipping costs were the reasons cited by David Hudrlik, vice president and director of sales at Kumho. The last time Kumho raised prices was 1 October 2004.

22nd April 2005/by Tyrepress Editors

Kumho Expands Presence in Chinese Market

(Akron/Tire Review) Kumho Tire Co has completed the expansion of its Nanjing, China tyre plant, more than doubling its annual production in China. The Nanjing plant, along with a new Kumho tyre factory in Tianjin, will result in an expected annual production capacity of 18 million tyres a year by 2007, according to Kumho. The Nanjing plant currently produces 5 million tyres a year, and the expansion will boost annual capacity to 12 million tires. Kumho also said it was considering building a third plant in China.

21st April 2005/by Tyrepress Editors

Kumho Slides into Drift Competition

(Akron/Tire Review) Kumho Tire USA has expanded its 2005 motorsport efforts, making its first appearance in professional drifting competition. Florida-based Enjuku Racing will compete on Kumho Ecsta MX tyres in Formula Drift, World Drift Challenge and D1 Grand Prix events. The team made its debut at a Formula Drift event in New Jersey on 16 April.

18th April 2005/by Tyrepress Editors

Old Fords Remind Kumho of its Humble Start

(Akron/Tire Review) Few people know that South Korea’s Kumho Tire started as a taxi company back in 1946. To celebrate its humble beginnings, Kumho recently purchased two 1933 Ford sedans, similar to those that the now international firm began with.

The cars are on display at Kumho Asiana Group’s headquarters in Yongin.

14th April 2005/by Tyrepress Editors

Kumho Expects Early Completion

A report in the Korea Herald says that Kumho Tire Co expects to complete expansion at its tyre plant in Nanjing, China, in mid-April rather than at the end of 2005 as was previously thought. Originally the company had planned to quadruple production to 12.6 million units, the early conclusion of its plans could suggest that it has reduced this target. In addition, Kumho plans to break ground for a new $184 million tyre plant in Tianjin, China, its second in that city. Plans call for that plant to be on stream in 2007, Tire Review reports

10th March 2005/by Tyrepress Editors

Datillo: Cooper Paid $107 million for Kumho Share

In an exclusive interview with Tire Review last week, Tom Dattilo, chairman, president and CEO of Cooper Tire & Rubber, said the tyre manufacturer ended up paying “about $107 million” for its 11 per cent stake in Kumho Tire Co.

Cooper purchased the stock during Kumho’s dual initial public offerings on the London and Seoul exchanges earlier this year. “That was our 11 per cent stake. I saw a set of figures last week that put it at about $110 million, and we had expected it to come in at the low to mid $140s. A couple of analysts were speculating $140, 150, $160 million, but that was all part of the process of trying to get as high a price as they could,” Mr Dattilo told the magazine.

2nd March 2005/by Tyrepress Editors

Kumho’s London Exchange Debut

Kumho Tire made its official debut on both the South Korean and London stock exchanges on Wednesday. The South Korean tyre maker launched simultaneous initial public offerings of its stock earlier this month, and began active trading yesterday.

On its first trading day on the London exchange, Kumho’s share price closed at £7.92, up six per cent from its IPO pricing.

18th February 2005/by Tyrepress Editors

Kumho Sets IPO Prices

Kumho will launch initial public offerings (IPO) on both the South Korean and London stock exchanges at $15.58 per share, South Korea’s Dow Jones has reported. The tyre manufacturer expects to raise approximately $400 million (£210 million) in the sale. Kumho Tire Co. is said to be selling some 25 million shares in the simultaneous IPO. “A heavy flood of orders is expected to be placed before the offer close,” Dow Jones reported.

The news follows Cooper Tire & Rubber’s early January announcement that it would buy an 11 per cent share of the company, which amounts to 7.5 million shares.

1st February 2005/by Tyrepress Editors

Steve Tidmarsh Becomes Kumho MD

Kumho Tyre has announced that Steve Tidmarsh has been appointed as managing director and chief operating officer of Kumho Tyre (UK). The appointment became effective on 1 January 2005. Following Mr Tidmarsh’s promotion, YD Yoon, president of Kumho Tire Europe, will assume the role of chief executive officer.

Commenting on the appointment, YD Yoon said: “Under Steve’s leadership I am certain that our team at Kumho Tyre (UK) will be in excellent shape to meet the challenges of the UK and Irish markets. His energy and drive will be invaluable as we move ahead with our strategic plans for Europe.”

Steve Tidmarsh joined Kumho Tyre (UK) in December 2002 as sales director, becoming executive director in 2004.

24th January 2005/by Tyrepress Editors

Lucky DJ Wins Kumho Car Competition

Lee Hoggett, aka DJ String, was the winner of a £20,000 Hyundai Coupe in a nationwide competition organised by Kumho. Kumho UK managing director, Steve Tidmarsh, presented the prize at the Huntingdon Performance Tyres of Godmanchester – the ECSTA centre where Lee Hoggett originally entered the draw. The car, a top-of-the-range 2.7 litre V6 model was fitted with 18 inch Mille Miglia EV-R alloy wheels.

24th January 2005/by Tyrepress Editors

Hankook and Kumho Fined

The South Korea monopolies commission has said it will fine Hankook Tire and Kumho Tire 4.1 billion won (£2.1 million), Korean newspapers have reported. The Fair Trade Commission (FTC) said the two companies had raised the prices of products shipped to their distributors after consulting each other, violating the country’s fair trade act.

The fines break down to 2.2 billion won for Hankook and 1.9 billion won for Kumho. The ruling comes after both companies raised their prices by between five and 10 per cent in May 2004, on the pretext of higher international rubber prices. The FTC is reported to have said both companies have admitted to the violations and provided evidence, entitling them to reduced fines under the government’s leniency program.

20th January 2005/by Tyrepress Editors

Cooper to Buy 11 per cent of Kumho Tire

Cooper Tire & Rubber has announced that it has agreed to acquire approximately 11 per cent of the common equity of Kumho Tire. Cooper reports that the acquisition is in connection with a planned initial public offering on the London and Korean stock exchanges. The deal, which is expected to close in the first quarter of 2005, remains subject to a number of government and regulatory approvals.

10th January 2005/by Tyrepress Editors

Kumho Competes in American Le Mans Series

Kumho Tire is to join the American Le Mans Series (ALMS) this year, as a race tyre supplier, according to American news source Tire Business.

The company will begin both tyre testing and the selection of a racing team this month. The tyre manufacturer is reportedly already in talks with GT and prototype teams.

4th January 2005/by Tyrepress Editors

Kumho to Make International Listing

South Korea’s largest tyre manufacturer, Kumho Tire, is planning a dual stock market listing in Seoul and either New York or London, the Financial Times has reported. Such a move would be worth more than $1.5 billion, according to the newspaper. The listing is expected to take place in the first half of next year.

Kumho is believed to have hired JPMorgan to manage the sale of at least a third of its shares in a move that could raise more than $500 million. One of the company’s major shareholders, the Military Mutual Aid Association (MMAA), owns 50 per cent of the company and stands to make a 40 per cent return on its original investment.

Kumho and JPMorgan have declined to comment.

9th December 2004/by Tyrepress Editors