Kumho Petrochemical expects materials prices to rise

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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.

Read the source article at European Rubber Journal

Kumho appoints former Nexen Tire CEO as new EU president

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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.

Read the source article at Tire Technology International

Micheldever, Kumho end distribution partnership in UK

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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.

Read the source article at European Rubber Journal

Year in review: Global tire players transform footprint

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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…

Read the source article at Rubber and Plastics News

Kumho Petrochemical files lawsuit against US government

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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.

Read the source article at The Korea Herald

Kumho to Launch Three New Tires Lines

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After multiple product launches in 2015 and 2016, Kumho Tire USA intentionally took a break in 2017 to give its dealers a chance to catch up. But that product pause is soon to come to an end, according to Jim Mayfield, executive vice president North America for Kumho Tire USA.

Read the source article at Tire Review

Kumho pitching a ‘better tomorrow’ for U.S. dealers

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LOS CABOS, Mexico — After a difficult year financially in 2016, Kumho Tire USA Inc. rebounded in 2017 with double-digit growth, and the company is looking to continue that momentum in the year ahead.

Without providing financial figures or percentages regarding the current year’s financial performance, Jim Mayfield, executive vice president of sales and marketing, said Kumho is entering 2018 with a new theme, “Imagine a better tomorrow.”

Read the source article at Tire Business

Report: Group chairman ‘will not reacquire’ Kumho Tire

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Seoul – Chairman of Kumho Asiana Group Park Sam-koo has officially declared that he has no intention of reacquiring Kumho Tire, according to a Business Korea report 28 Nov.

The newspaper said Park called an “unscheduled” press conference to help “settle a conflict with Korea Development Bank (KDB)”, the main creditor of Kumho Tire.

Read the source article at European Rubber Journal

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