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Biz News Korea(Eng)

Doublestar vows job security and new hiring in Kumho Tire

Collected: 2017.03.22

Distributed: 2017.03.23

Source: Go Direct

China’s Doublestar Tyre Co. in a show of eagerness to finalize the acquisition of South Korea’s second largest tire maker Kumho Tire Co. against the bid by former owner of the company reassured creditors and the company employees that it will not only fully retain the existing work force, but also increase hiring.

Doublestar said in a statement Tuesday said, “it agreed with creditors to accept and hold all present job positions of Kumho Tire employees and also plans to recruit more talents from the region to promote valuation and sustainable growth of Kumho Tire.”

The statement came out amid concerns about loss of jobs and restructuring after the tire maker falls under foreign ownership.

Doublestar stressed its acquisition of Kumho Tire would benefit not only the two firms’ employees, but also their shareholders, clients and the global tire industry.

Doublestar last week signed an agreement with a group of creditors or shareholders to assume their combined 42.01 percent stake in Kumho Tire at 955 billion won ($832.5 million). The acquisition would become final if Kumho Asian Group Chairman Park Sam-koo cannot match the buyout price and gives up his rights of refusal by April 12.

By Chung Seok-woo

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