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CeeInd - ''The leading Industrial Portal dedicated to the Growth market of Central and Eastern Europe > < Poland's Industrial Automation Surge: Record Robot Installations and EU Investment Drive Growth > < TeraPlast Group Strengthens Presence in Flexible Packaging with 70% Acquisition of Optiplast in Croatia > < Poland's Industrial Automation Surge: Record Robot Installations and EU Investment Drive Growth > < Mondi Enhances Sustainable Packaging Production with New Extrusion Line at Štětí Facility > < Nokian Tyres Opens World's First Zero CO2 Emission Tyre Factory in Oradea, Romania > < South Korea's Largest Food Company to Build First Factory in Central Europe, Located in Hungary > < BMW Begins Pre-Series Production of Neue Klasse in Hungary, Paving the Way for Electric Innovation > < Vetropack Completes €60 Million Furnace Upgrade in Croatia, Setting New Industry Standards > < DP World Invests €130 Million to Boost Romania’s Port and Logistics Infrastructure > < PalletBiz Romania Unveils State-of-the-Art Production Facility in Prejmer > < Arctic Paper Expands Renewable Energy Portfolio with 4 MW Solar Park Acquisition in Poland > < Y Soft Secures €30 Million EIB Investment to Advance Office Automation Technologies > < Poland: The Emerging Logistics Hub of Central and Eastern Europe (CEE) > < ArcelorMittal Poland Invests PLN 100M in Hydrogen Plant to Boost Krakow Steel Operations > < Shape Robotics Expands Romanian Distribution Network with Strategic Ingram Micro Partnership > < Poland Ranks as Europe's Second Most Active Industrial Market in 2024 > < PepsiCo Launches 3.5-MW Solar Farm in Poland, Powering Sustainability Goals > < Czech Companies Embrace Advanced Technologies to Drive Production Efficiency > < Poland Solidifies Its Status as a Global Poultry Export Leader > < Toyota Unveils Largest Logistics Hub in Europe in Czech Town Kolín > < CATL's Debrecen Battery Plant Set for 2025 Launch, Driving Europe's Green Transition > < Slovenia to Invest Up to €40 Million in Production of New Renault e-Twingo > < Lockheed Martin to Establish €50 Million Electrolyte Factory in Romania > < Michelin Shifts Jobs from UK to Romania and Poland as Part of European Restructuring > <

Kumho Tire Targets European Expansion with $750 Million Investment for New Plant

2024-03-29 00:00:00

Kumho Tire, a prominent South Korean tire manufacturer now under the Chinese-owned Doublestar Group since 2018, is setting its sights on expanding its presence in Europe with a substantial investment of KRW 1 trillion (approximately US$750 million). This strategic move aims to establish a tire manufacturing facility in Europe to cater to the increasing demand from regional automakers, while also mitigating the effects of geopolitical tensions and the escalating shipping crisis in the Red Sea.

The company is in the process of selecting a suitable location for its inaugural European plant, with Romania, Serbia, Portugal, and Turkey being the top contenders. A comprehensive feasibility study is underway to assess government subsidies and other local incentives that could influence the final decision.

Kumho's European venture is poised to initially supply tires to leading automakers such as BMW, Mercedes-Benz, Volkswagen Group, and Peugeot. This decision comes as a response to the current logistical challenges and increased transportation costs associated with shipping tires from Vietnam through the Red Sea route.

Jung Il-taik, CEO of Kumho Tire, emphasized the company's commitment to establishing a manufacturing base in Europe, stating, "Considering factors such as the rise in logistics expenses due to the Red Sea crisis, we have decided to build a factory in Europe." The company plans to commence construction next year, with the aim of completing the facility by 2027, marking a significant milestone in Kumho Tire's global expansion efforts.