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Kumho withdraws race tyres

Kumho Tire U.S.A. is recalling some 1,400 ECSTA V710 competition tyres because of “inconsistent test results relating to tread splice and tread area durability. “Kumho have said, “Kumho Tire’s priority is safety, and we are committed to supplying our customers with the highest quality and best performing tyres that are available anywhere in the world. It is with this philosophy in mind that Kumho is taking immediate action in discontinuing the sale of the ECSTA V710 Competition Tire. The sale of the ECSTA V710 Competition Tire will be discontinued immediately, and tyres in use in the market will be collected from consumers. Kumho will replace them with either the Kumho ECSTA V700 or Victoracer tyre free of charge.”

7th April 2004/by Tyrepress Editors

Kumho Donates $ 100,000 Worth of Tires to Iran

Kumho Tire Co., Inc. donated 3,290 units of tires equivalent to USD100,000 to Islamic Republic of Iran in humanitarian support in the aftermath of the catastrophic damage in terms of both human life and property following an earthquake.

29th January 2004/by Tyrepress Editors

Kumho builds second plant in China

Kumho Tire Co. Inc. is building a second tyre plant in China, next to an existing plant in Nanjing, that will double annual production capacity in China to 10 million units by 2008. The 130 million US dollar project will provide Nanjing Kumho Tire Co. Ltd. with additional capacity aiming to increase its share of the passenger radial market in China to 25 per cent, according to Kumho. In conjunction with the expansion project, Nanjing Kumho is setting up distribution hubs in northern China. The project is separate from a new plant Kumho opened recently in Pyeongtaek, South Korea, using proprietary automated technology.

14th January 2004/by Tyrepress Editors

Kumho Moves Up A Place In World Rankings

Kumho Tire has moved up from tenth to ninth position in the list of world tyre manufacturers, published by US magazine Tire Business. With sales of over $1.44 billion last year – a double-digit increase – Kumho overtook Toyo in the world rankings. Tire Business estimates that the top three tyre manufacturers control 60 per cent of the world tyre market, and the top ten account for 80 per cent.

30th September 2003/by Tyrepress Editors

New Production Process From Kumho

Kumho is the latest tyre manufacturer to introduce a new method of tyre manufacture. Known as APU (Advanced Processing Units), the modular system is being incorporated in the new Kumho factory that is being built at Pyongtaek, Korea, close to some major car assembly plants. The new factory will be dedicated to tyre production for the OE market and the first module will start production in November this year. Further modules will come on stream at the rate of one per month until full capacity is reached in February 2004. This full capacity will be in excess of two million tyres a year.

20th August 2003/by Tyrepress Editors

Kumho: Big change and no change

Kumho Industrial, until recently the owner of Kumho Tire, has been trying to find a new investor for the tyre division. An investor that would allow the incumbent management and strategies to remain in place, albeit in an enhanced form.The new arrangement is such that the Tire Business Unit has been acquired, with a 50 per cent share being taken by the Military Mutual Aid Association, a military pension fund. Kumho retains a 30 per cent share, and the balance is made up from a number of smaller investors. This establishes a new joint venture with an initial value of 1.2 billion US Dollars.T&A visited J. M. Kim, managing director of Kumho UK, to get a first hand reaction to the new joint venture.

11th June 2003/by Tyrepress Editors

Kumho Agrees Sale Of Tire Business Unit

Kumho Industrial Co., Ltd. has announced that it has agreed to sell its Tire Business Unit for the sum of Won 1.428 trillion (US$ 1.2 billion). The Tire Business Unit will be acquired by a new joint venture company whose principal shareholder will be South Korea’s military pension fund, the Military Mutual Aid Association (MMAA). The new joint venture company is to be established during June with Won 500 billion (US$ 410 million) of paid-up capital. The MMAA will own 50 per cent of the company with Kumho Industrial taking a 30 per cent stake. The remaining 20 per cent will be distributed between several smaller investors.

2nd May 2003/by Tyrepress Editors

Kumho To Be Control Tyre For International F3 Series

Kumho will be the sole supplier to the new Formula 3 Euro Series, supplying its ECSTA Formula 3 slicks and wet weather tyres to all teams. The series comprises ten races between April and October next year and the races take place in five different countries (Germany, Italy, France, Austria and The Netherlands).

9th December 2002/by Tyrepress Editors

Kumho Winter Tyre Wins Ecolabel Award

Kumho has become the first tyre manufacturer to be awarded the “Green Swan” Ecolabel for a new product. Both the company’s KWN7401 I’Zen tyre and the manufacturing process passed stringent tests set by the Nordic Ecolabelling Board. These had to demonstrate that the tyre was made with the lowest possible impact on the environment and that it operated in an environmentally friendly way during its lifetime, with low noise levels, low rolling resistance and the ability to be reused after its first life.

7th December 2002/by Tyrepress Editors

Kumho In Talks With Pension Fund?

Following the breakdown of talks between Kumho and the consortium led by JP Morgan Chase and Carlyle Group, concerning the sale of 80 per cent of Kumho’s Tyre Division, a media report from Korea says that talks are on-going with the South Korea Military Pension Fund to buy the company. Neither the fund, nor Kumho, nor the state-run Korea Development Bank, which the report says would provide funding for any deal, would comment on the report.

3rd December 2002/by Tyrepress Editors

Kumho Talks Come To Nothing

The talks between the Kumho Group and the US consortium of JP Morgan Chase and the Carlyle Group, aimed at selling Kumho’s tyre division, have broken down. The disagreement was over prices, with a Kumho spokesman quoted as saying that the consortium’s offer price was “really cheap” and unacceptable. Earlier in the year, the two sides signed a memorandum of understanding to sell 80 per cent of the Kumho Tyre, but this expired in November with no deal finalised. Kumho says it is talking to another – as yet unnamed – buyer.

2nd December 2002/by Tyrepress Editors

Kumho UK Appoints Sales Director

From 1st December, Steve Tidmarsh will be the new Sales Director of Kumho UK. He has a wealth of experience in the UK tyre industry, having spent some 29 years with Goodyear UK in a series of senior positions, most recently that of Sales and Marketing Director, Consumer Tyres. He takes up his new post with the company in a planned move from Kumho UK’s exclusive Marshal brand distributor, Bond International, whom he joined earlier this year to gain experience of the wholesale market in the UK.

27th November 2002/by Tyrepress Editors

Kumho Keep Faith

Related news: Hankook Execs Predict Slow Tyre Market for 2006 Toyo Names Aparicio Manager of Off-Road Events Kumho Tyres to Sponsor MSA British Rallycross Championship 4×4 or SUV tyre sector?

5th November 2002/by Tyrepress Editors

Kumho: The Need To Raise Awareness And Prices

Related news: Kumho Talks Come To Nothing Kumho Sets IPO Prices Hankook Profits Fall 16 per cent Pricing Clash Halts Korean Plant Production

5th November 2002/by Tyrepress Editors

Kumho UK Wins OE Van Tyre Contract

Kumho UK has been awarded a contract to supply tyres as original equipment to specialist van manager LDV. 70 per cent of LDV’s annual production of Pilot and Convoy vans will be equipped with Kumho’s radial 857 commercial van tyres in sizes 185 R14 and 205 R14. The contract follows a rigorous quality audit at Kumho’s Kwangju plant and tyre testing at the MIRA proving ground in the UK, resulting in the Korean manufacturer being awarded Approved Supplier status.

24th September 2002/by Tyrepress Editors