Kumho Tire Macon Employees Vote Against Joining USW

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Employees at the Kumho Tire plant in Macon, Ga., voted 164 to 136 against representation by the United Steelworkers union, according to a report in The Telegraph.

A USW representative told the newspaper the union plans to file objections with the national labor relations board because “we believe the employer committed many unfair labor practices.”

Read the source article at Tire Review

Creditors to restructure Kumho Tire with cash injection

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Creditors of Kumho Tire Co. said Friday they will push forward a debt restructuring plan for the financially troubled tiremaker as they found its self-rescue plans insufficient to pull off a turnaround, the main creditor Korea Development Bank said Friday.

With the decision, the country’s second-largest tiremaker has been placed under a creditor-led restructuring program three years after it graduated from a legally binding workout program in 2014.

That program was also led by its lenders.

“We, nine creditors, will conduct due diligence on Kumho Tire in the next one and a half months after extending debt worth 1.3 trillion won ($1.1 billion) maturing this month to the end of this year,” KDB Chairman and CEO Lee Dong-gull said in a press conference.

 Kumho Asiana Group Chairman Park Sam-koo has now given up management control of the tire company and any say in the use of the tiremaker’s brand name as well as the right of first refusal, the banker said. He said creditors will be able to focus on putting the tiremaker back on track through a possible cash injection and other measures. 

Read the source article at The Korea Herald

Kumho Tire’s future in limbo as Doublestar cancels deal

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Seoul – Following months of debates and dispute over trademark rights and price tag, China’s Qingdao Doublestar has agreed to cancel a deal to buy a 42.01% stake in South Korea’s second tire-maker, according to the Korean news agency Yonhap.

As reported by ERJ, after months of disputes over trade mark rights, Doublestar, in August, asked for the price tag to be reduced to 800 billion won, from the original 955 billion won (€778 million) agreement signed in March.

Read the source article at European Rubber Journal

Tire makers eye strong finish to 2017

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AKRON—Despite relatively lackluster first-half financial performances, tire makers for the most part are optimistic about their second half and fiscal 2017 earnings prospects.

Read the source article at Rubber and Plastics News

Global tire rankings: Bridgestone reigns supreme again

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AKRON —Status quo reigned over the 2017 global tire rankings, even as the estimated value of the entire industry declined for a third straight year.

Read the source article at Tire Business

Tire makers commit more than $7.3B on new plants, expansions

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AKRON — The world’s leading tire makers committed more than $7.3 billion in the past year toward new plants and capacity expansions, a measurable drop from record spending of $10 billion-plus in 2015-16 but still ahead of the annualized average for the past decade.

The investment sum was buoyed by nearly $3.3 billion in spending on acquisitions, deals that involved companies with collective annual sales of more than $2.5 billion — including Qingdao Doublestar Tire Co. Ltd.’s still-pending $830 million bid to buy what amounts to a controlling interest in South Korea’s Kumho Tire Co. Inc.

Read the source article at Tire Business

New Kumho Tire asking price a chance for Park Sam-koo

Kumho Asiana chairman Park Sam-koo may soon be back in the running to acquire a 42.01 per cent stake in Kumho Tire.

The South Korean tyre maker’s creditors met yesterday to discuss Qingdao Doublestar Tire’s official request for a 16.2 per cent discount. Main creditor Korea Development Bank and the other creditor banks will decide by the end of this week whether or not they’ll approve Doublestar new asking price of KRW 800 billion (£544.6 million) instead of the previously agreed KRW 955 billion.

Read the source article at Tyrepress

Report: Kumho Tire deal one step closer to completion

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Seoul – Kumho Tire creditors, led by the Korea Development Bank (KDB), have announced that they will accept a proposal by chairman of Kumho Asiana Group Park Sam-koo to end a dispute over the sale of a 42.01% share of the tire company to China’s Qingdao Doublestar Tyre Co.

According to local press, the KDB announced on 26 July that creditors will accept the proposal by Park to pay 0.5% of sales as the trademark royalties for 20 years.

Read the source article at European Rubber Journal

Tire & Rubber Industry Rundown: European Rubber Journal

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Asia BD price drop… Nike sales… Clariant-Huntsman link-up… Michelin buys wine reviewer… Conti acquires… Eversafe Rubber… SKF sued ?… Firestone leak… UK down… Kumho limbo… Thai NR…

Read the source article at European Rubber Journal

Summary of Latest News in the Global Rubber Industry

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Summary of Latest News and Events in the Global Rubber Industry …

June

21/6 Indonesian authorities are unfazed by a recent drop in natural rubber prices as market fundamentals remain strong, Reuters has reported. According to…

Read the source article at European Rubber Journal