Yokohama Rubber terminates technology tie-ups with Kumho Tire

The Yokohama Rubber Co., Ltd. announced that it has terminated its technology tie-ups with Kumho Tire Co., Inc., effective as of 6 July 2018.

Yokohama Rubber and Kumho Tire entered into the Master Technological Alliance Agreement on 15 February 2014, and entered into the Cooperative R&D Agreement as well as the License and Technology Exchange Agreement on 31 May 2014, with the goal of working together to develop tyre-related future technologies, including environmentally friendly tyre technologies and new concept tyres. These agreements were terminated based on the terms and conditions thereof due to the recent change in Kumho Tire’s controlling shareholders, said Yokohama Rubber.

Kumho Tire, established in 1960, is headquartered in Gwangju, South Korea. The company recorded consolidated net sales of KRW 2,876.4 billion (~ EUR 2.2 billion) in fiscal 2017. It has eight tyre plants in South Korea, China, Vietnam and the USA, and employs about 10,000 people globally.

Yokohama Rubber, founded in 1917, is engaged in the manufacture and sale of tyres and a variety of products in its MB (Multiple Business) operations and golf equipment. In 2017, the company recorded consolidated sales revenue (IFRS basis) of JPY 646.3 billion (~ EUR 5.1 billion), with tyres accounting for JPY 459.9 billion (~ EUR 3.6 billion) of the total. Yokohama Rubber operates 14 tyre plants in eight countries around the world and employs about 25,000 people globally.

www.kumhotire.com
www.y-yokohama.com