Tyre Industry News. Week 14/201804 Apr 2018
Latest news from the tyre industry worldwide
Doublestar acquired 45% stake in Kumho brand
Chinese economy tyre maker Doublestar just finalised a deal to acquire 45% stake in Kumho Tire corporation. The deal was speculated since late 2017 but was confirmed just this week after Kumho Tire union members voted to accept the offer. The vote has seen 2/3 of union members voting to proceed with the proposal. Full details of the deal are still to be announced, but it is clear that the sale will save Kumho Tire from bankruptcy. Union members were also guaranteed a 3-year job security as part of the move.
It is clear that the company will continue to trade under the Kumho Tire brand in the future ahead. €450 million price tag will make the Doublestar the largest shareholder in Kumho Tire corporation. Doublestar will be purchasing new shares as well as downsizing current creditors from 42% back to 23.1% ownership.
Hankook to launch Major League Baseball deal
Premium tyre maker Hankook is now an official tyre brand of the MLB in the United States and Korea. The new long-term deal will showcase Hankook brand across the MLB network, such as MLB.com, social media space, matches and other events.
Hankook tyre brand is emerging a worldwide leader in the premium segment tyre market. Innovative research mixed with creative marketing campaigns allowed Hankook to multiply their sales, making Hankook a household brand name.
“Hankook Tire brings a real passion for baseball and a comprehensive vision to their marketing around our league, teams, and players in the U.S. and beyond,” said Noah Garden, MLB Executive Vice President, Commerce. “As MLB continues to grow our international activities and events, Hankook Tire demonstrates a new model for MLB partners to be able to achieve their goals of reaching millions of baseball fans not only in the U.S. but around the world.”
Girteka Logistics chose Goodyear for their 8,000+ fleet
Lithuanian based Girteka Logistics company agreed to a deal with Goodyear tyres to equip their 8,300 trucks and trailers.
Once a one truck operation, Girteka now delivers over 320,000 loads of goods across Europe. It has agreed to use Goodyear tyres on at least 80% of their European based fleet of trucks and trailers.
“We carried out a detailed evaluation of a variety of tyre brands with a focus on cost per kilometre,” said Mr Kristian Kaas Mortensen, Girteka Logistics, CCO. “Based on the results of that program, we have made the decision to use mainly Goodyear tyres for our more than 8,000 trucks and trailers.”
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