Doublestar acquires 45% interest in Kumho Tire

Doublestar Group, a leading tire manufacturer in China, announced today that it has reached an agreement with South Korea's Korea Development Bank (KDB) to acquire a 45% stake in Kumho Tire for 3.39 billion RMB. Doublestar thus becomes the majority shareholder of Kumho Tire, while KDB and Kumho's other creditors will retain their share of the second largest shareholder with a 23% stake.

With 58 years of existence, Kumho Tire is the second largest tire manufacturer in South Korea. The company has eight factories and five research and development centers around the world. Its car tires, known for their "fashionable", "sporty" character and "fuel economy", are used by major car manufacturers around the world.

Doublestar has built a reputation as a leading "smart tire manufacturer" in China. It is the only company in the world to have both an "Industry 4.0" plant for commercial vehicle tires and an "Industry 4.0" plant for passenger car tires. Doublestar has been ranked number one among the Chinese tire manufacturers on the list of the 500 most important Asian brands ("Asian Brand 500") by the World Brand Lab for three consecutive years.

According to Chai Yongsen , President of Doublestar, "Kumho Tire's strong point is radial tires for passenger cars (PCR), while Doublestar stands out in radial tires for trucks and buses (TBR). I believe that the synergy and integration of our two companies will have a multiplier effect. With products, technology, manufacturing and services that represent the future of the global tire industry, we will become one of the largest companies in the world. "

About Doublestar
Founded in 1921, Doublestar is one of the leading tire manufacturers in China. Listed state-owned enterprise, its head office is in Qingdao . Its activities include tires, intelligent equipment, industrial robots and environmentally friendly recycling of used tires.

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