RANCHO CUCAMONGA, Calif., Nov. 13 /PRNewswire/ -- Kumho Tires, one of the
world's leading tire manufacturers, announced the official opening of its new
tire plant in Nanjing, China on November 7. Kumho Tires invested a total of
$100 million in the plant, which spans approximately 90,000 square feet.
"Kumho Tires is already the number one passenger car tire maker in China
and this state-of-the-art plant gives us an important foothold in its
fast-growing truck and bus tire market," said Sae-chul Oh, President and CEO
of Kumho Tires. "China has enormous growth potential and is a key part of our
strategy to become one of the top five global tire makers."
China's truck and bus tire market is expected to grow at between 25 and 30
percent each year. The plant, designed to produce truck and bus tires, will
have an annual capacity of more than 300,000 tires.
This plant is an important component in Kumho Tires' strategy to build a
global manufacturing network where tires are produced in the same regions in
which they are sold. This is Kumho's fourth tire plant in China, and the
company has three other facilities in Nanjing, Tianjin and Changchun. In
addition, the company established an R&D center in Tianjin in 2006, which
includes the latest testing facilities for chemical analysis and performance
tests.
"Long term business strategies for Kumho Tires in China include
reinforcing positive product perception and brand image while enhancing
competitiveness in distribution by diversifying sales channels," said B.C.
Kim, Head of Kumho Tires' China Subsidiary. "With the completion of the plant,
Kumho Tires will achieve operational efficiency and create products that are
suited to Chinese local tastes."
To mark the plant's opening, Sae-chul Oh, President & CEO of Kumho Tires
and approximately 200 prominent businesspeople and government officials from
Korea and China attended a ceremony held in Nanjing, the capital of Jiangsu
Province. Kumho Tires will also construct a four-lane road that will stretch
5.14 kilometers through Nanjing by 2009. The city will name the road in honor
of the company.
"We see Nanjing as a strong partner for Kumho Tires and this new plant is
a win-win opportunity for both the city and for us. The city benefits through
jobs, economic stimulus and additional infrastructure, and we gain the
incredibly dedicated and well-educated workforce that Nanjing offers," Mr. Oh
said.
Founded in 1975 and headquartered in Rancho Cucamonga, CA, Kumho Tire
U.S.A. is the U.S. distribution arm of Kumho Tire Co. In addition to its
830,000 square foot headquarters and central distribution facility in Rancho
Cucamonga, the company operates four additional distribution facilities in
Atlanta, Chicago, Columbus and Dallas. For more information, visit the Kumho
Web site at www.kumhotireusa.com.
SOURCE Kumho Tires
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