South Korea Archives - Page 9 of 16 - Tyrepress

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Employee ideas equal greater efficiency and hefty savings – Conti

It’s sometimes said that good employees are worth their weight in gold, and at Continental this may well be literally the case. The German tyre maker and automotive component supplier encourages those working at its 126 global locations to submit ideas on how efficiency and cost effectiveness can be boosted, and last year some 310,000 of these employee-driven suggestions were implemented. These ideas, says Continental, saved the company almost 120 million euros.

17th July 2012/by Tyrepress Editors

Expansion planned for Korean tread black facility

A fifth production unit for producing tyre tread blacks is to be added Orion Engineered Carbons’ facility in Yeosu, South Korea. The new unit will increase the plant’s annual output by 36 tonnes to a total of 188 tonnes. The project is expected to be complete in May 2013. According to Dietmar Balschukat, Orion's Asia-Pacific region general manager, the fifth unit will also produce carbon blacks for export, particularly to Japan and China.

24th January 2012/by Tyrepress Editors

Hankook secures first BMW OE with Ventus Prime²

BMW has selected Hankook’s Ventus Prime² for several of its 1 Series models. The Hankook tyre will be fitted to the 116i, 118i, 116d and 118d in size 195/55 R16V. The upmarket 120d will also receive the Ventus Prime², in size 205/55 R 16W. The 1 Series fitment is Hankook’s first OEM deal with the German vehicle manufacturer.

2nd December 2011/by Tyrepress Editors

Third delay for Kumho’s US plant

Media reports in the US indicate it may be third time unlucky for Kumho Tire’s planned factory in Bibb County, Georgia. Macon-based newspaper The Telegraph states work on the US$225 million plant has been placed on hold for a third time, a move that allegedly has prompted local economic development officials to rethink the entire project’s future and mull over the prospect of putting the greenfield factory site back on the market.

15th November 2011/by Tyrepress Editors

Mini supply first BMW OEM for Hankook

As of late June, Hankook will begin delivering its tyres as original equipment on the Mini. The BMW owned manufacturer will be supplied with the Ventus Prime from the tyre maker’s plants in South Korea under what Hankook calls a “prestigious cooperation;” the company further notes that with this BMW deal it is now successfully competing against tyre makers such as Bridgestone, Michelin, Goodyear and Continental.

30th May 2011/by Tyrepress Editors

Indonesian petrochemical firm gearing up for butadiene production

Indonesia’s PT Chandra Asri Petrochemical has outlined plans to diversify its production portfolio and enter the synthetic rubber sector through the construction of a new butadiene production facility – Indonesia’s first – in Banten Province. According to Mr. Suryandi, the company’s corporate secretary and investor relations director, the US$100 million facility will have a production capacity of up to 100,000 tons per annum and is expected to commence operations in the third quarter of 2013. Construction of the plant is anticipated to begin in the second quarter of this year.

8th March 2011/by Tyrepress Editors

Hyundai develops tyre pressure monitoring system

Hyundai Mobis Co., (the South Korean carmaker’s mobile, system, parts and service arm) reports that it has developed the first locally made tyre pressure monitoring system (TPMS) and plans to supply it to foreign auto firms as well as its local affiliates. The company said the new device demonstrates equal performance with overseas-made rival products and is easier to install due to its use of rubber valves.

The new device reportedly weighs 10 per cent less than rival products due to its smaller battery size, uses 30 per cent less electricity and shows a stronger performance in securing wheel balancing, Hyundai Mobis said.

21st February 2011/by Tyrepress Editors

Hankook UK focuses on brand, ups TV advertising budget 50%

Company News, UK News

After nine years of at the helm of Hankook Tyres UK Ltd, years that have seen the company grow from the position of a newcomer into a force to be reckoned, Richard Page has announced his retirement from the role of managing director. Tyres & Accessories understands that he will continue in a consultative role throughout what has been a pre-planned and progressive changeover into the capable hands of new MD Gang Seung Lee. In a recent visit to the Hankook UK headquarters T&A met with Mr Lee, who is commonly known as Tony Lee in the UK, and a freshly reshuffled management team to find about more about what’s in store for South Korean tyre manufacturer in 2011.

10th February 2011/by Tyrepress Editors

Kumho Petrochemical to sell its share in Kumho Tires

Kumho Petrochemical aims to exit the debt workout programme it has undertaken for the past year by the end of 2011, and to help boost its economic viability the Kumho Asiana division intends to sell the million or so shares it holds in Kumho Tires. “As part of a consistent move, we will sell all stakes of Kumho Tire owned by us from July, to help strengthen financial soundness,” said Kumho Petrochemical chairman Park Chan-koo.

9th February 2011/by Tyrepress Editors

Kumho creditors considering Daewoo share sale

Creditors of South Korea's Kumho Asiana Group, parent company of Kumho Tires, are said to be considering selling a 1.46 trillion won (₤818.8 million) stake in Daewoo Engineering & Construction Co Ltd held by the group's affiliates via a block trade. Group company Kumho Industrial Ltd holds 14.6 per cent of Daewoo Engineering & Construction and other units own the remainder, and the sale of a 24.7 per cent share in the contractor, as reported by Reuters, would join a number of other restructuring efforts aimed at aiding the cash-strapped company.

8th February 2011/by Tyrepress Editors

Hyundai, Ulsan – The largest car factory in the world

International News

With more than a quarter (11 million) of South Korea's population of around 40 million living in the capital Seoul and a further 1.1 million living in the country's capital of heavy industry Ulsan, it is clear the country's population s centred on its bustling metropolises. But while space can be found at a premium in the largest cities, the businesses that operate in each of these cities take advantage of the synergies available due to the close proximity of the workforce and other related companies.

1st February 2011/by Tyrepress Editors

Nexen aiming for US$2.5 billion sales by 2015

Company News, International News

While most of the western world celebrated New Year at the end of December, both China and South Korea were making plans for their celebrations at the start of February, based on the lunar calendar. Back in 2010 Nexen Tire Corporation announced plans for a 1 trillion won (US$1.2 billion) investment in its largest factory yet in Changneyeong in the same region as its first plant (Yangsan), which along with the company's second plant in Qingdao, China, continues to expand. Just before the oriental entrance into the new decade, Tyres & Accessories had the opportunity to visit Nexen on its home South Korean and adopted Chinese territory and saw how the company is implementing its plans to become a US$2.5 billion company in the next five years.

31st January 2011/by Tyrepress Editors

Lanxess to Expand Global Political Communication

Specialty chemicals group Lanxess says it intends to intensify communication with political and social leaders on a global level. As a first step towards accomplishing this, the company is expanding its presence in Berlin with the move to a new liaison office in the German capital. This office will open on January 20, prior to the “Lanxess Kick-Off Berlin 2011” event. Lanxess also intends to open an office in Brussels some time in the spring.

14th January 2011/by Tyrepress Editors

Hyundai Breaks Ground of Third China Factory

Hyundai Motor Company, South Korea’s largest automaker, began building its third plant in China 28 November with the goal of reaching a million unit a year total capacity by 2012. Beijing Hyundai Motor Company (BHMC), a 50-50 joint venture between Hyundai Motor and Beijing Automotive Industry Holding Co., held a ground-breaking ceremony for a 400,000 unit/year plant on 28 November in Shunyi District, Beijing. The new plant is scheduled to be completed by July 2012. The two existing plants which roll out up to 300,000 units each.

29th November 2010/by Tyrepress Editors

Hankook Stock Falls 2% After Rating Cut

Despite earlier positive news about the second phase of production at the company’s Hungary plant reaching the production readiness ahead of schedule, Bloomberg reports that Hankook Tire Co. shares dropped 2 per cent to 29,100 won during trading on 17 November 2010.

17th November 2010/by Tyrepress Editors