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KUMHO – DOUBLE STAR DEAL SEALED IN JUNE 2018- LOSSES FOR KUMHO CONTINUE.

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Posted: August 21, 2018 at 10:22 am   /   by   /   comments (0)

KUMHO – DOUBLE STAR DEAL SEALED IN JUNE 2018- LOSSES FOR KUMHO CONTINUE.

South Korea’s Kumho Tire is in the midst of troubles that do not seem to get over.

Their 2nd quarter losses in 2018 increased to US$ 69 million as compared to us$ 41 million in the same period.compared to the previous year.

 

Kumho spokesperson explained that this was due to low demand for KUMHO tires since the copany was in the midst of a stake sale – thus weakening customer and sales channel  confidence.

Currency fluctuations eroded the income further.

On the brighter side the sales rose by 6.7% and operating expenses dropped by more than 40 %.

Moving forward it is expected that KUMHO will return to profits soon, since it has the backing of a very strong group from China.

Doublestar shall produce mid and low-end tires for commercial vehicles like trucks and buses, and Kumho Tire will take care of tyre production for  passenger vehicles.

With eight factories and tyre manufacturing spread across the globe Kumho can produce 54 million tyres every year.

Pirelli and Kumho are controlled by Chinese business groups , let us wait and watch who is next.

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