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Kumho Tire, in full liquidity crisis, will officially declare the Chinese dual star system, the new owner, on the 6th and promote the appointment of a member of the advice reflecting the union voice. The director of Kumho Tire said, "We will hold a general shareholders' meeting on June 6th, appoint the CEO of Double Star Group and Chief Financial Officer Jang Jung-hwa as Chief Financial Officer and appoint Chonghyun Choi, Professor of Labor Law, Said.
The most visible person here is Choi. The Kumho Tire union has asked Double Star to elect a board member to answer the union's votes in response to a three-year job security guarantee.
As a result, Choi was nominated for the position of External Director of the Creditors Committee following the recommendation of the Chairman of the Tripartite Committee. In the job market, Moon Jae-in, the president's presidential campaign engagement, is criticized as a case where the job is a priest (a system in which the recommendation of a union is pbaded for the appointment of an outside director). Kumho Tire said: "The creditors have appointed a man who has all the voice of work and management on the recommendation of the tripartite president." "He can not be considered a director of work in a good way." At the time of the appointment of the outside director Choi, he worries that the demand for the election of directors, which reflects the voice of the union, will be widespread among the national metalworking unions.
Double Star having repeatedly promised the independent management of Kumho Tires, Cha and Chief CFO will join the board as non-executive directors. Kim Jong-ho, President of Kumho Tire Co., Ltd.,
The governance structure is also organized. Double Star paid a total of 64.63 billion won of capital increase after the shareholders' meeting and received a total of 129,226 new shares. The participation of creditors such as KDB Korea Bank, which was the largest shareholder of the past, stood at 23.1% versus 42%.
The 58-year-old Big3 tire will take off from Kumho Asiana and its creditors, and will be on the starting line in China. Double Star plans to become the world's top 10 by acquiring Kumho Tires.
However, it is necessary to overcome unreasonable management difficulties such as the resumption of the domestic and overseas sales network and the normalization of the Chinese subsidiary. In addition, the membership of the directors of the pro-work guidance staff will bring communism to the trouble of restructuring the company into the double-star system.
In this regard, Double Star should present the principles and direction of the management of Kumho Tire's corporate governance structure on 6.
Programs other than the rights offering, which forms the heart of the acquisition, have been finalized. Double Star guarantees the employees of Kumho Tire for three years and retains its most important shareholder status for five years. The defense industry sector, which had been the obstacle before the acquisition, was sold to another company (Heung-A) and agreed to use the trademark rights with Kumho Industrial, Kumho Petrochemical. It is quite possible to put figures in the top 10. Kumho Tires holds the 14th largest market share in the world with 1.6%. With a double star (23rd, 0.7%), it is 2.3%, followed by Korea Tire (7th · 3.3%) exceeding 10th place in the group of medium rubbers in China (2.1%) .
The problem is to improve the quality of management that supports these grades. Competitors like Korea and Nexen Tires posted an operating margin of 9 to 11% last year, while Kumho Tires recorded a loss of operating from "I alone" (-157). , 2 billion won). The situation in China is also unfavorable.
Kumho Tire's Chinese subsidiary had a production capacity of 1.84 million tires a year, or 60% of Korea, but last year it lost 44.4 billion cars only. Year when high altitude missile defense systems (Sad)
This point is also the point that needs to be addressed in the normalization of management in the future. Profitability should improve through restoring brand value – focus on standardization of sales in China. Double Star is known for having implemented a "two-way strategy" targeting mid-range and low-end products targeting the dual-star and mid-high-end markets through Kumho Tires.
[김정환 기자 / 강영운 기자]
[ⓒ 매일경제 & mk.co.kr, 무단전재 및 재배포 금지]
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