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.
The National Highway Transportation Safety Administration (NHTSA) has issued a recall affecting about 1,700 Kumho Solus tires manufactured in March and early April. The 1,773 affected Solus KH16 tires in size p225/65R17 were manufactured between March 26 and April 1. According to the NHTSA, the affected tires may experience tread separation in severe conditions. Under the recall, Kumho is required to notify owners of the defect and tire dealers will replace the tires, free of charge.
The year is barely 110 days old, and changes continue to happen within the tire industry at a breakneck pace.
First, Michelin North America Inc. and Sumitomo Corp. of America (SCOA) announced their intentions to combine Michelin’s wholesale distribution assets with TBC Corp., creating a 50/50 joint venture, National Tire Wholesale (NTW). The business, with 144 locations across North America, will distribute nearly 15 million tires.
Days later, Continental A.G. revealed it is considering restructuring to position itself for the upcoming disruption in the automotive industry.
In early March, Mavis Discount Tire and…
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.