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Cooper-Standard Automotive controls Jin Young Standard

Cooper Tire & Rubber Company’s Cooper-Standard Automotive has increased its ownership position in Jin Young Standard of South Korea from 49 to 90 percent and has changed the name of the company to Cooper-Standard Automotive Korea, Inc. This transaction will give Cooper-Standard Automotive a significant presence in Korea through a well-established company, and will facilitate the expansion of its automotive sealing operations in the growing Asian automotive market. Dug Soo Kim, president of Jin Young Standard prior to this transaction, will continue to head the company’s operations.

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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.

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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.

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Car Manufacturers In Joint Procurement Plan

Hyundai, DaimlerChrysler and Mitsubishi are said to have held talks exploring ways to jointly develop and purchase parts. The procurement talks were held in Hyundai’s Seoul HQ and covered parts purchased in the US, Japan and Europe in addition to South Korea.

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More News On Kumho Sale

In South Korea, Kumho has revealed that it is on the verge of selling 80 per cent of its tyre unit for a price between $1.2 and $1.5 billion. The buyer is named only as “a foreign investment fund” but unconfirmed reports link the sale with J P Morgan and the private equity fund Carlyle Group. Carlyle was favourite to buy the ContiTech division when it was up for sale. Another report says that three foreign potential purchasers are in the running and an agreement should be reached in the next few months. The Kumho Group is having to sell assets in order to pay off debts; it currently has debts of $2.52 billion against assets of $3.3 billion.

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Korean Tyre Output Hit By Strike

Korean tyre manufacturer Kumho’s production at Kwangju and Koksung had been halted by a walkout by 4,000 union members in protest at Government policies blamed for the loss of thousands of jobs throughout South Korea. Originally, a General Strike was planned from 5th July. Kumho representative, Lim Yoon, said the company would have lost $2.7m per day as a result of the strike. But – as Kumho says – further conflicts could be avoided and production is back to normal.

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Concern Over Asian Auto Sales – Report

A recent report from autopolis, the organisation offering strategic advice on the world’s auto industry, expresses some concern about future vehicle sales in Asia. It forecasts reduced sales in markets other than China for this year and next, picking up in 2003. Long term, says autopolis’s Graeme Maxton, Asia’s auto sales will grow by nearly five million units over the next ten years.

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Renault On The Expansion Trail

Renault is negotiating with Samsung Motors, of South Korea, to buy the latter’s Pusan plant (production capacity 200,000) for Euro 400 million. Renault’s daughter company RVI, made an offer to Daewoo to buy its truck operation (production capacity 20,000) and bus operations (production capacity 6,000 units) for Euro 700 million. Renault has already bought a 37% stake in Nissan for around Euro 5 billion and the new plans will bring the company’s investment in Asia to more than Euro 6 bn.

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