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Leading Chinese tire manufacturer Doublestar Group announced an agreement with the South Korean Korea Development Bank (KDB) to acquire a 45% stake in Kumho Tire for 3.9 billion yuan. As a result of this transaction, Doublestar becomes the controlling shareholder of Kumho Tire, and KDB and other creditors of Kumho retain the second-largest share of 23% of the company's shares.
The company Kumho Tire with 58 years of history is the second largest tire manufacturer in South Korea. The enterprise has eight factories and five research centers around the world. Its car tires are known for their "fashionable design", "sportiness", "fuel economy" and are used by the world's leading automakers.
Doublestar has the status of an advanced "intelligent" tire manufacturer in China. As the only company in the world that owns the industry standard "Industry 4.0" for the production of tires for commercial vehicles and a similar base for the production of cars. Doublestar for three consecutive years ranked first among all Chinese tire manufacturers in the rating of "Asian brands-500" in accordance with the version of "World Brand Lab."
According to the general director of the company, Mr. Chai Yongsheng, the synergy and integration of companies will create the multiplier effect. "Thanks to the products, technologies, production and services that represent the future of the global tire industry, we will become one of the largest tire manufacturers in the world."