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Doublestar pays RMB 3.9 billion to become a major shareholder of Kumho Tire
BEIJING July 6, 2018 / PRNewswire / – Doublestar Group, a leading tire manufacturer in China announced today that it has entered into an agreement with South Korea Korea Development Bank (KDB) to acquire a 45% interest in Kumho Tire for RMB 3.9 billion . From here Doublestar will become the majority shareholder of Kumho Tire, while KDB and Kumho's other creditors will remain the second largest shareholder with a 23% stake.
Doublestar completes the acquisition of 45% of Kumho Tire
With 58 years of history, Kumho Tire is the second most big tire company in South Korea . It has eight factories and five research and development centers around the world. Its car tires are known for "fashion", "sport" and "fuel economy", and are used by major car manufacturers around the world.
Doublestar is known as a "smart manufacturer" of tires in China . It is the only company in the world to have both an "Industry 4.0" plant for commercial tires and an "Industry 4.0" plant for passenger tires. Doublestar has been ranked number one among Chinese tire manufacturers in the "Asian Brand 500" list for three consecutive years by the "World Brand Lab."
According to Doublestar President Chai Yongsen, "Kumho Tire's forces are in PCR, and I believe that the synergy and integration of our two companies will produce a multiplier effect: thanks to products, technology, manufacturing and services which represent the future of the global tire industry, we will become one of the largest tire manufacturers in the world.
About Doublestar
Founded in 1921, Doublestar is a prominent publicly traded tire company China with headquarters in Qingdao whose operations include tires, intelligent equipment, industrial robots and green recycling of used tires.
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