South Korea-based
Kumho, one of the world’s leading tyre manufacturers, has announced that it is investing $305 million on the expansion of its factory in Vietnam, with the aim of doubling its capacity by 2023, by which time output should be at least 9.3 million tyres per annum. The project will commence in the third quarter of this year and run until the early part of 2023.
The company is also increasing the capacity of its North American facility in Macon, Georgia, a task that is due for completion as early as the fourth quarter of next year and which will allow the production of a further 0.5 million tyres a year. Kumho currently operates eight manufacturing facilities around the world, with sites in South Korea, China, the USA and Vietnam.
Kumho’s newly appointed CEO Il Taik Jung (pictured) said: “As a company we are heading in a very positive direction and part of our strategy is to increase our manufacturing capacity ahead of the growing demand. This will have the dual effect of ensuring product availability for our customers and supporting the continued growth of partnerships in the North American market.”
Having joined the company in 1988, Mr Jung previously held a number of senior positions, including head of both the R&D centre and quality division. He has always emphasised that “R&D technology is the means by which future responsiveness in a competitive environment is best developed”, and his appointment is expected to accelerate Kumho’s drive towards an agile organisation culture that can quickly react to changing tyre markets and consumer needs.
A company spokesperson said: “Drawing on his extensive background in R&D, one of Mr Jung’s key goals will be to realise the company’s vision of ‘Your Smart Mobility Partner’, by securing new engines for future growth through the promotion of technological developments designed to maximise customer value, such as smart and airless tyres.”