Kumho Tire weighs Poland, Serbia, Portugal for first European plant

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Kumho Tire weighs Poland, Serbia, Portugal for first European plant - Korea Economic Daily

Quick Summary:

Kumho Tire Co., South Korea’s No.2 tire maker, is evaluating Poland, Serbia and Portugal as a potential site for its first plant in Europe as part of its broader push to expand supply to premium automakers with reduced cost and logistics risks, said its chief.“We have narrowed down the candidate sites for our European plant to Poland, Serbia and Portugal and are actively evaluating them,” Kumho Tire Chief Executive Jung Il-taik told reporters at the launch event for its new tire Ecsta Sport in Yongin, South Korea, on Monday.

It plans to direct more than 30% of OE tire output to premium automakers and generate over half of its replacement tire revenue from developed markets, said Jung, hoping to reposition Kumho brand as a global premium tire maker.

Kumho Tire will decide the plant location after reviewing geopolitical and trade-related factors, including US tariffs of 25% on auto parts set to take effect in May, said Jung.