Forex Kumho Tire says to issue shares to China’s Doublestar worth $604 mln South Korea’s Kumho Tire said on Friday that it plans to issue new shares worth 646 billion won ($604.99 million) to Qingdao Doublestar Co Ltd as part of an agreed deal for the Chinese company to assume control over it.
Seoul – Kumho Tire’s labour union has voted in favour of a plan to sell a 42.01% majority share of the South Korean tire maker to China’s Doublestar Tyre, according to business news website, The Pulse.
The 2 April report said more than 2,700 unionised workers took part in the vote, of which 60.6% were in favour of the sale to the Chinese company.
Chinese investors led by Qingdao Doublestar told ERJ in March that they had reached an agreement with Kumho’s shareholder Korea Development Bank to…
SEOUL — Workers at troubled Kumho Tire have approved the company’s acquisition by Chinese peer Qingdao Doublestar after a standoff that went down to the wire, saving South Korea’s No. 2 tire maker from a likely bankruptcy.
The Kumho labor union voted Friday night in favor of the 646.3 billion won ($607 million) deal, which would give Doublestar a 45% stake in the company. Kumho’s creditors had set a deadline of Friday for labor to accept the plan, after which the deal would have been scrapped.
ATLANTA—Kumho Tire USA Inc. has introduced a pair of commercial trailer tires for the North American market, the KLT12e and KRT12.
China’s Qingdao Doublestar Co. Ltd. has agreed to invest 646.3 billion won ($597.4 million USD) for a 45% stake in South Korea’s Kumho Tire Co. Inc, multiple news outlets reported at the beginning of March.
According to a statement filed with the Shenzhen stock exchange, China’s Qingdao Doublestar Co Ltd’s parent company will buy 129.3 million ordinary shares in Kumho Tire, becoming the controlling shareholder in the debt-ridden South Korean tire maker, Reuters reported.
Seoul – Kumho Petrochemical is expecting slight improvements in prices for butadiene and maybe also synthetic rubber over the coming months – in contrast to the roller-coaster trends of last year.
In its 2017 full year financial statement, the South Korean rubber and resin manufacturer said butadiene supply is forecast to be “stable” due to new operations in the region.
Kumho Tire has hired Changrin Suk as its new European president.
Suk has many years of experience gained through various senior positions within numerous Korean companies.
Most notably, he spent more than 20 years at Samsung Electronics and seven years as CEO of Nexen Tire North America, where he was responsible for both the US and Canadian markets.
London – UK tire distributor Micheldever Tyre Services (MTS) and Kumho Tyre UK Ltd (KTUK) have ended a 15-year distribution partnership, in what has been described as a “mutual agreement.”
The companies announced 3 Jan that the partnership would end in May 2018, with the two working to promote the Korean tire brand until then.
The global tire industry almost saw another big merger in 2017, but there was plenty of other activity keeping firms busy in the year. From new investments to new structures, here are four of the biggest events within the tire sector.
Doublestar tries to buy Kumho
It looked for a moment another big-time tire merger was about to happen.
Doublestar Tire Co. Ltd. had agreed to acquire Kumho Tire Co. Inc. for about $830 million in March, but in September Kumho creditors rejected the deal after Doublestar allegedly asked for the price to be reduced by 16 percent amid disputes over trademark rights.
The deal is on thin ice as both sides were…
South Korean petrochemicals producer Kumho Petrochemical said Monday it has filed a lawsuit against the US government over the high anti-dumping duties imposed on the company.
In July this year, the US Department of Commerce placed anti-dumping duties of 44.3 percent on emulsion styrene butadiene rubber manufactured by Kumho Petrochemical and 9.66 percent on the products by LG Chem and other companies.