Merger-and-acquisition activity soared to unprecedented heights in 2018, especially in the North American wholesale and retail sectors.
NIAGARA FALLS, Ontario — The Tire Industry Project (TIP) — a collaborative effort involving 11 tire industry CEOs to identify and address the potential human health and environmental impacts of tires throughout their life cycle — is well on its way to meeting its objectives.
This was the message of Kimm Jarden, a principal sustainability specialist at Goodyear, in her presentation at the 2018 Rubber Recycling Symposium in Niagara Falls Nov. 7-8.
Goodyear, Bridgestone Corp. and Group Michelin are co-chairs of the TIP, which was founded in 2005 under the aegis of Geneva, Switzerland-based World Business Council for Sustainable Development, Ms. Jarden said.
Kumho Tire USA, Inc. has appointed Samuel Choi to serve as CEO.
Samuel Choi succeeds Harry Choi, who is stepping down and will move on from the company to pursue new career opportunities after six years leading Kumho’s U.S headquarters.
This transition comes as a part of a global shift in key executive management roles geared to positively reinforce the company for the present and future.
SEOUL, South Korea—Kumho Tire has agreed to provide tire manufacturing technology to a Pakistani battery producer that is planning to branch into tire production.
Online tire sale platform
The online retailing helps in reaching out too many consumers without launching stores and this results in cost benefits which are ultimately passed on to the customers. Moreover, increasing spending on e-commerce platform by OEM’s due to high internet penetration rate will drive the online tire market during the forecast period as well.
Kumho Tire announced it will increase tire prices effective October 1st for its passenger, light truck, and medium truck tires sold in the U.S. The percentage increase will be up to 6% and will vary by SKU.
The price adjustment reflects economic factors such as increased raw material costs. Kumho will continue to provide best-in-class products at competitive prices, with superior quality and innovative technology.
Lutterworth, UK – Kumho Tire Europe GmbH has appointed Kyungtai Ju as its new president, replacing Changrin Suk, who returns to Kumho’s Korean headquarters with responsibility for global sales.
The appointment came into effect 30 Aug, the tire maker said in a statement on the day.
Kyungtai Ju started his career at Kumho in 1990 and has served as country managers in Mexico, Italy and the US. Most recently, he held the position executive VP for global sales.
Doublestar Group announced that it has completed an agreement with South Korea’s Korea Development Bank (KDB) to acquire a 45% stake in Kumho Tire for RMB 3.9 billion ($500M). By this, Doublestar becomes Kumho Tire’s controlling shareholder, while KDB and other Kumho creditors will remain the second largest shareholder with a 23% stake.
A new owner has arrived on the scene, but it is business as usual for Kumho Tire in Korea. The tyre maker has launched its first new tyre since Doublestar became Kumho Tire’s largest shareholder last month. More than 350 dealers from across South Korea attended the unveiling of the Kumho Majesty 9 Solus TA91 yesterday.
SEOUL, South Korea—Kumho Tire Co. Inc. suffered an 81.2 percent drop in pre-tax operating profit for fiscal 2017, on 2 percent lower sales.
Kumho’s earnings before interest, tax, depreciation and amortization (EBITDA) fell to $57.4 million on sales of $2.55 billion, according to the company’s fourth quarter investor relations documents. As a result, the operating ratio fell more than nine points to 2.3 percent. The operating result turned red to the tune of $139 million. Kumho did not report net earnings.