KUMHO TIRE CO., INC. 
By | Title | Kumho, Yokohama forge technology alliance to challenge for Global Big 3 |
| Date | 2014.03.12 |
Kumho Tire, one of the world's leading tire manufacturers, announced today it and Yokohama Rubber, the world's eighth largest tire maker, signed a formal agreement on February 15 on technology exchange to increase their competitiveness in the global tire market
The signing ceremony held in Tokyo was attended by Kumho Asiana Group Chairman Sam-koo Park and Yokohama Rubber Chairman Tadanobu Nagumo.
Under the agreement, the two companies will continue their cooperative efforts based on the philosophy of equality, trust and respect, while they aim to increase their competitiveness in the global tire market by sharing R&D resources and technologies related to process and production.
Through exchanges of technology with which have comparative advantages for each other, the two companies expect to increase their quality competitiveness by sharing their know-how on tire manufacturing and quality management technologies. The two will also seek continuous discussion on a capital alliance based on cross-shareholdings.
"Along with Kumho Tire's recent launch of a new R&D center in Yongin, Gyeonggi Province, the latest strategic alliance with Yokohama Rubber will help us strengthen our position as a technology leader and take another leap forward," said Kumho Tire CEO Kim Chang-Kyu.
Yokohama Rubber, founded in 1917 and headquartered in Japan, is engaged mainly in the manufacture of tires. In fiscal 2013 (ended December 31, 2013), the company recorded consolidated net sales of 601.6 billion yen, with tires accounting for 479.5 billion yen of the total. Yokohama Rubber operates 12 tire plants (not including those currently under construction) in seven countries around the world and employs about 20,000 personels globally. | |
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