Kirjoittaja Jukka Leikas
Uusimmat blogijulkaisut

Korealais-kiinalainen juttu: Kumho päätyi lopulta kiinalaisille ja mikä onkaan strategia

Kirjoitin 2017 tammikuussa blogin aiheesta ja tämän vuoden heinäkuussa Kumhon omistuksesta 45% päätyi lopulta Doubletarille Kiinaan.

Kumho on ollut pahasti tappiolinen ja 45 % sen osakkeista oli päätynyt Korea Development Bankin omistukseen alunperin Asiana Airlines Chaebolilta. KDB on valtion hallitsema pankki, mutta myös Arsenalin tyylinen roskapankki. Korean hallituksen pinna on hyvin pitkä hallussaan olevien yritysten suhteen – omistaahan se KDB:n kautta suuren osan Daewoon telakkaakin ja on omistanut sitä vuosikymmeniä…

Mielenkiintoista Kumhossa on se, että sen kilpailevat korealaiset rengasvalmistajat Hankook Tire ja Nexen Tire ovat erittäin kannattavia, kun Kumho ja sen kiinalainen tytär tekivät yli 150 miljoonan euron tappiot viime vuonna.

Hankook jopa yrittää rakentaa omaa ’Vainor –ketjuaan’ Saksaan ostettuaan Reifen-Muller –rengasketjun 44 liikettä Saksassa liki sadalla miljoonalla heinäkuussa.

Tyypillistä korealaista on myös ammattiliiton erittäin vahva rooli kaupassa. Se missä Suomessa vasta aletaan keskustella, niin Koreassa paikallinen tehtaan ammattiliitto pysäyttää tehtaan ja yhteenotot poliisin kanssa voivat olla jopa väkivaltaisia. Yrityskauppatilanteessa tehtaan oman ammattijärjestön on hyväksyttävä kauppa. Tässä tapauksessa välttääkseen yrityksen konkurssin henkilökunta sitoutui olemaan vaatimatta palkankorotusta ja palauttamaan ansaitsemiaan bonuksia – bonukset ovat tärkeä osa kokonaispalkkausta ja ne ovat kooltaan hyvin isoja. Bonuksilla ei ole juurikaan kytkentää yrityksen kannattavuuteen.

Kumholla on 8 tehdasta neljässä maassa ja se valmistaa vuodessa n 55 miljoonaa rengasta. Strategiana ilmoitetaan olevan sen että kiinalainen Doublestar haluaa olla maailman 10 suurimman rengasvalmistajan joukossa yrityskaupallaan. Kumho tuotemerkkinä suuntautuu vaativampiin segmentteihin henkilöauton renkaissa, Doublestar keskittyy raskaan kaluston ’low-end’ –laadun renkaisiin.

Aika näyttää.

Asiasta kiinnostuneille on alkuperäistekstiä englanniksi alla:

 

 

Doublestar completes acquisition of Kumho Tire

2018/07/06 08:22

SEOUL, July 6 (Yonhap) -- Qingdao Doublestar Co. has completed its acquisition of Kumho Tire Co. by making the payment for the controlling stake in South Korea's second-biggest tiremaker to its creditor bank, the Chinese tiremaker said Friday.

Doublestar wrapped up the deal to acquire a 45 percent stake in the Korean tiremaker for 646.3 billion won (US$578 million) from state-run Korea Development Bank, Doublestar said in a statement released through its public relations agency in Seoul.

"By acquiring Kumho Tire, Doublestar aims to seek co-prosperity and to become a global top-10 tiremaker through close cooperation. Kumho Tire will focus on mid and high-end tires for passenger vehicles, and Doublestar will focus on mid and low-end tires for trucks and buses," Doublestar Chairman Chai Yongsen told reporters in Seoul in March.

Kumho Tire will operate as an independent business entity in South Korea, as Doublestar has no intention of controlling or intervening in the making of major decisions at the tiremaker, he said.

Kumho Tire has eight plants -- three in South Korea, three in China, one in Vietnam and one in the United States -- with a combined production capacity of 54.64 million tires.

http://img.yonhapnews.co.kr/etc/inner/EN/2018/07/06/AEN20180706006100320_01_i.jpg

Doublestar Chairman Chai Yongsen delivers a speech before signing a final contract with the Korea Development Bank to acquire Kumho Tire in Seoul on July 6, 2018. (Yonhap)

Can Kumho Tire sail smoothly under Chinese owner?
2018-07-06 16:39 , Park Jae-hyuk

http://img.koreatimes.co.kr/upload/newsV2/images/201807/1b820a9caba04e3687afbd8c5cf8ce6d.jpg

Doublestar Chairman Chai Yongsen, center, Kumho Tire Chairman Kim Jong-ho, right, and Korea Development Bank Chairman Lee Dong-gull join hands during a deal closing ceremony at the Kensington Hotel Yoido in Seoul, Friday. / Courtesy of Doublestar

Kumho Tire still has a long way to go before achieving normalization, although it declared a new beginning with China's Doublestar, which completed a payment of 3.9 billion yuan ($586 million) to officially become the Korean tiremaker's largest shareholder with 45 percent, analysts said Friday.

As the Chinese tiremaker closed the Kumho Tire deal with the Korea Development Bank (KDB) led creditors that day, Kumho Tire held a shareholders' meeting to appoint Doublestar Chairman Chai Yongsen and Chief Financial Officer Zhang Junhua as directors.

"Our employees are trying their best to recover profitability and our efforts will make visible achievements in the near future," Kumho Tire Chairman Kim Jong-ho said at the shareholders' meeting. "Starting from today, Kumho Tire will improve its brand equity through cooperation with Doublestar in R&D, management and sales."

However, restoration of sales networks and normalization of its subsidiary in China are urgent tasks for Kumho.

While Hankook Tire and Nexen Tire showed a high operating profit to sales ratio last year, Kumho alone suffered a 157.2 billion won operating loss. Its subsidiary in China also posted 44.4 billion won in operating losses last year, due to the Chinese government's retaliations against a U.S. anti-missile defense system deployed here.

"Kumho Tire is still expected to face a setback in normalization," Shinhan Investment analyst Jung Yong-jin said in a recent report. "Although it avoided court receivership, there still remains uncertainty about the company's future."

The new Chinese owner also has to deal with Kumho Tire's militant union, which strongly opposed Doublestar's takeover. The union fears that the Chinese tiremaker may take over the Korean firm's core technologies and carry out a large-scale restructuring after the three-year guarantee of job security.

As the unionized workers urged the management to appoint a director representing them, Kumho Tire appointed Choi Hong-yeop, a labor-law professor at Chosun University Law School, as the new non-executive director at the shareholders' meeting.

Despite the skepticism about Kumho Tire's future, the Doublestar chairman vowed to create a multiplier effect to develop the two into the world's greatest tire group.

"Doublestar will guarantee Kumho Tire's independent management," he said at the deal closing ceremony. "Also, we will try our best to be an example of friendship between the two countries and a friendly relationship between labor and management."

The sum of global market shares of Kumho Tire and Doublestar is bigger than that of the Chinese-based Zhongce Rubber, which ranks 10th.

Kumho Tire, union OK turnaround plan to avoid court receivership
2018/04/02 10:40

SEOUL, April 2 (Yonhap) -- Kumho Tire Co. and its labor union on Monday signed a turnaround plan after the union voted a day earlier in favor of creditors' plan to sell the debt-ridden tiremaker to China's Qingdao Doublestar Co. to avoid court receivership.

Under the turnaround plan, the 3,100-strong union accepted creditors' planned sale of the tiremaker to Doublestar on the conditions that the Chinese tiremaker guarantee job security for Kumho workers and carry out facility investments at the company's plants in South Korea.

To help revive the ailing company, Kumho workers agreed to return some of their bonuses for 2018 and 2019 and to improve productivity at the company's local plants, while accepting a wage freeze and a reduction in some work benefits by 2019.

Doublestar will acquire the Korean tiremaker by becoming the biggest shareholder in a planned rights issue. It will invest 646.3 billion won in new shares to be issued by Kumho Tire, according to main creditor Korea Development Bank.

After the rights issue scheduled to take place in the coming weeks, Doublestar will become the biggest shareholder with a controlling stake of 45 percent in Kumho Tire. The KDB-led creditors will have the second-highest 23.1 percent stake in the tiremaker, down from the current 42.01 percent, the state lender said.

Kumho Asiana Group Succeeds in Acquiring Kumho Buslines

May 27, 2015 13:26|May 27, 2015 14:09

 

Kumho Asiana Group chairman Park Sam-koo has succeeded in the first goal of rebuilding his group. The private equity fund jointly run by IBK Investment & Securities and Keistone Partners said on May 26 that it would sell off the 100-percent stake in Kumho Buslines and the 48.8-percent stake in Kumho Resorts to Kumho Asiana Group at 415 billion won (US$375 million).

The group made the deposit of 50 billion won on the same day to the IBK consortium. The remaining balance will be paid once the Fair Trade Commission gives a greenlight on the deal. The money for the deal will be financed by funds from Consus Asset Management and Nonghyup Bank, as well as from retained earnings of Kumho Terminal, a subsidiary of Kumho Asiana.

A group official said on the deal, "As we acquire the long-distance bus unit as expected, we will be able to focus on buying up Kumho Industrial. In addition to Kumho Industrial, we will do our best to take back Kumho Tire scheduled at the end of this year."

With the latest deal, Kumho Asiana could regain Kumho Buslines in three years. Just before the 2008 global financial crisis, Kumho Asiana Group was doing quite well to the degree that it could successfully acquire Daewoo Engineering & Construction in 2006 and Korea Express in 2008. At the time, the group was ranked No. 8 among conglomerates in terms of assets.

Due to the financial crisis, however, the group had to sell back Daewoo Construction, with chairman Park Sam-koo forced to resign under pressure in July in the same year. The group sold Kumho Life in November. In December 2009, the creditors announced plans to restructure the group's affiliates, which brought Kumho Industrial and Kumho Tire under a workout program.

The chairman participated in a capital increase of the two companies in 2010 with his own money of 330 billion won, on condition that he would be guaranteed to exercise preferred rights to demand to buy the companies once their business operations are normalized. After coming back to chairmanship at the end of 2010, Mr. Park sold off profitable units within the group umbrella such as Kumho Rent-a-Car in order to improve its financial standing. In 2012, he also sold the 100-percent stake in Kumho Buslines, a 12.3-percent stake in Daewoo E&C, and a 38.7-percent stake in Seoul Express Bus Terminal at 950 billion won to the IBK consortium.

He declared in this year's New Year's ceremony that 2015 would be the first year for the group's rejuvenation. In the previous year, Kumho Tire graduated from a workout program while Asiana Airlines completed successfully the financial conditions imposed by the creditors. For Kumho Asiana Group, its rebuilding effort wouldn't be completed without regaining Kumho Industrial and Kumho Tire. An analyst commented, "With the successful acquisition of Kumho Buslines, chairman Park must have gained confidence in his group rebuilding effort. His bid to take back Kumho Industrial and Kumho Tire will accelerate."


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Hankook Tire acquires German tire outlet to diversify operations
2018/07/04 04:31

SEOUL, July 4 (Yonhap) -- Hankook Tire Manufacturing Co., the world's seventh-biggest tiremaker by sales, has acquired German tire outlet Reifen-Muller as part of its business diversification strategy, the company said Wednesday.

The South Korean tire manufacturer took over the entire stake of the German tire wholesale and retail company as part of its efforts to secure a new growth driver, Hankook Tire said in a statement.

The company didn't give the exact acquisition price but said it is around 100 billion won (US$90 million).

"We expect to sell Hankook Tire products through Reifen-Muller's 44 outlets in the mid and southern part of Germany and promote Hankook products in other areas," a company spokesman said.

In 2017, Hankook Tire acquired Jax Tyres, Australia's biggest tire outlet, to expand its tire manufacturing-centered business portfolio, the statement said.

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