Yokohama Rubber has ended its technology tie-ups with Kumho Tire, effective July 6.
Yokohama Rubber and Kumho Tire entered into an agreement in February 2014, with the goal of working together to develop future tire technologies, including environmentally friendly tire technologies and new concept tires.
The agreement was terminated based on the terms and conditions thereof due to the recent change in Kumho Tire’s controlling shareholders.
Kumho Tire, established in 1960, is headquartered in Gwangju, South Korea. Kumho Tire recorded consolidated net sales of 2,876.4bn won (US$2.6bn) in fiscal year 2017. The company has eight tire plants in South Korea, China, Vietnam and the USA and employs about 10,000 people globally.
Yokohama Rubber recorded a consolidated sales revenue (IFRS basis) of ¥646.3bn (US$5.8bn) in fiscal year 2017, with tire sales accounting for ¥459.9bn (US$4.2bn) of that. The tire maker operates 14 factories in eight countries around the world and employs about 25,000 people globally.