Skip to main content
Sister Publication Links
  • Rubber News
  • European Rubber Journal
Subscribe
  • Login
  • Register
  • Subscribe
  • Current Issue
  • News
    • OPINION
    • BUSINESS/FINANCIAL
    • COMMERCIAL TIRE
    • GOVERNMENT & LAW
    • Humanitarian Award
    • RETAIL TIRES
    • SERVICE ZONE
    • TIRE MAKERS
    • Best Places to Work
    • Mid-Year Report 2022
    • RUSSIA WAR IN UKRAINE
  • Aligning with ADAS
  • Data
    • DATA STORE
  • Custom
    • SPONSORED CONTENT
  • Events
    • ASK THE EXPERT
    • LIVESTREAMS
    • WEBINARS
    • SEMA LIVESTREAMS
    • RUBBER NEWS EVENTS
  • Resources
    • DIRECTORY
    • CLASSIFIEDS
    • SHOP FLOOR
    • AWARDS
    • BALANCING
    • DEMOUNTING
    • SAFETY
    • TIRE REPAIR
    • TPMS
    • TRAINING
    • VEHICLE LIFTING
    • WHEEL TORQUE
    • Best Places to Work
  • ADVERTISE
  • DIGITAL EDITION
MENU
Breadcrumb
  1. Home
  2. News
February 14, 2017 01:00 AM

Report: Kumho chairman to buy back tire unit

Shahrzad Pourriahi, Crain News Service
  • Tweet
  • Share
  • Share
  • Email
  • More
    Print

    SEOUL, South Korea (Feb. 14, 2017) — Kumho Asiana Group chairman Park Sam-koo has secured nearly $875 million in funding to help him back a 42-percent stake in Kumho Tire Co. Inc. that a consortium of banks is selling, according to a recent report by the Korea Times.

    Citing Kumho officials, the report said Mr. Park had secured the funds "from several financial investors and business associates" to buy the stake in Kumho Tire, which is currently held by a number of creditors including Korea Development Bank (KDB).

    Mr. Park, according to the official cited in the report, is ready to exercise his right to buy back the group's tire unit as soon as he is notified by creditors about the sales price.

    As previously reported, the creditors group launched the company's sale last November, and in early January chose Chinese tire maker Qingdao Double Star Tire as its selected bidder.

    The Chinese tire maker reportedly offered around 1 trillion won, outbidding other firms — said to include Shanghai Aerospace Industry Co. (SAIC), Jiangsu GPRO Group Co. of China and India's Apollo Tyres Ltd.

    Mr. Park, however, can exercise a right to buy back the stake at the highest bid price.

    According to the Korea Times, creditors plan to sign a stock purchase agreement with Double Star later this month and inform Park about the details. Once notified, the Kumho chairman has 30 days to exercise his buy-back right.

    The consortium acquired the stake in 2009 when parent Kumho Asiana Group was dealing with serious credit issues.

    Mr. Park has been with Kumho Asiana since 1967 and chairman since 2002.

    _________________________________________

    Shahrzad Pourriahi is a reporter with European Rubber Journal, a London-based sister publication of Tire Business.

    Related Articles
    Doublestar inks deal for Kumho shares
    Letter
    to the
    Editor

    Do you have an opinion about this story? Do you have some thoughts you'd like to share with our readers? Tire Business would love to hear from you. Email your letter to Editor Don Detore at [email protected].

    Most Popular
    1
    Nokian reverses course, begins 'controlled exit' from Russia
    2
    BKT USA attributes success to teamwork
    3
    Bridgestone's TireConnect adds direct referrals to independent dealers
    4
    One killed, two injured in shooting at WeatherTech facility
    5
    Big O adds 3 to Hall of Fame, honors top dealers
    SIGN UP FOR NEWSLETTERS
    EMAIL ADDRESS

    Please enter a valid email address.

    Please enter your email address.

    Please verify captcha.

    Please select at least one newsletter to subscribe.

    Newsletter Center

    Staying current is easy with Tire Business delivered straight to your inbox.

    SUBSCRIBE TODAY

    Subscribe to Tire Business

    SUBSCRIBE
    Connect with Us
    • Facebook
    • LinkedIn
    • Twitter
    • RSS

    Our Mission

    Tire Business is an award-winning publication dedicated to providing the latest news, data and insights into the tire and automotive service industries.

    Reader Services
    • Staff
    • About Us
    • Site Map
    • Industry Sites
    • Order Reprints
    • Customer Service: 877-320-1716
    Partner Sites
    • Rubber News
    • European Rubber Journal
    • Automotive News
    • Plastics News
    • Urethanes Technology
    RESOURCES
    • Advertise
    • Privacy Policy
    • Privacy Request
    • Terms of Service
    • Media Guide
    • Editorial Calendar
    • Classified Rates
    • Digital Edition
    • Careers
    • Ad Choices Ad Choices
    Copyright © 1996-2022. Crain Communications, Inc. All Rights Reserved.
    • News
      • OPINION
      • BUSINESS/FINANCIAL
      • COMMERCIAL TIRE
      • GOVERNMENT & LAW
      • Humanitarian Award
      • RETAIL TIRES
      • SERVICE ZONE
      • TIRE MAKERS
      • Best Places to Work
      • Mid-Year Report 2022
      • RUSSIA WAR IN UKRAINE
    • Aligning with ADAS
    • Data
      • DATA STORE
    • Custom
      • SPONSORED CONTENT
    • Events
      • ASK THE EXPERT
      • LIVESTREAMS
      • WEBINARS
      • SEMA LIVESTREAMS
      • RUBBER NEWS EVENTS
    • Resources
      • DIRECTORY
      • CLASSIFIEDS
      • SHOP FLOOR
        • BALANCING
        • DEMOUNTING
        • SAFETY
        • TIRE REPAIR
        • TPMS
        • TRAINING
        • VEHICLE LIFTING
        • WHEEL TORQUE
      • AWARDS
        • Best Places to Work
    • ADVERTISE
    • DIGITAL EDITION