Suppliers

Kumho Suffers Fiscal Loss Followed by a 2-Day Strike

Posted on February 14, 2017

Kumho Tire Co. Ltd. posted a net loss of 58.4 billion won on net sales of more than 2.9 trillion won for its fiscal year ended Dec. 31, 2016. That compares to a net loss of 69.3 billion won on sales of 3 trillion won for fiscal 2015.

Based on the average exchange rates for 2016 and 2015, Kumho lost $482.6 million on sales of $2.4 billion in 2016, compared to a loss of nearly $5.9 million on sales of more than $2.5 billion in 2015.

Year-to-year operating income was down 11.7%, from 135.9 billion won ($115.3 million) to 120 billion won ($99.1 million).

Kumho recorded a net loss of 5.1 billion won on net sales of 791 billion won for the fourth quarter ended Dec. 31, 2016.

In news that may impact fiscal 2017, Kumho Tire announced tire production at its Kwangju, Korea, consumer tire facility was halted for two days.

The company said a partial union strike, due to a breakdown in collective bargaining, resulted in a shutdown in production from Feb. 12 to 13, 2017. The plant was expected to be up and running again on Feb. 14.

Related Topics: Kumho financials, strike, unions

Comments ( 1 )
  • Chris Chai

     | about 3 months ago

    Wow

More Stories
News

ZC Rubber Opens R&D Center

Zhongce Rubber Group Co Ltd. (ZC Rubber) has opened a research and development center in China in cooperation with a state-owned research and development institute.

News

Titan's Union Workers Approve New Contract

United Steelworkers (USW) members working at Titan International Inc. plants in Des Moines, Iowa, Freeport, Ill. and Bryan, Ohio have ratified a new five-year contract.

The Bridgestone Europe headquarters in Zaventem.
Article

Bridgestone in Europe! Building on Continued Success

As I am sure all MTD readers can appreciate, Europe is currently in the grip of a number of significant business trading changes including a fluctuating economy and the very real prospect of the UK market eventually leaving the European Union.

Arnott's aftermarket struts feature a heavy-duty Continental ContiTech air spring bladder and a shock custom designed for the 7 Series.
Product

Arnott Has All-New Struts for BMW 7 Series

Arnott Inc. has released new, not rebuilt, right rear and left rear air struts for the 2002-2008 BMW 7 Series (E65 and E66 chassis) with and without Electronic Damping Control (EDC). 

News

SMP Contest Will Award Automotive ‘Tech Star’

Standard Motor Products Inc. (SMP) will supply everything needed to start an automotive-related YouTube channel to the grand prize winner of its Standard Tech Star Challenge. The contest runs through July 31, 2017.

News

Hunter Wheel Balancer Earns GM Approval

General Motors Co. (GM) is calling a wheel balancer manufactured by Hunter Engineering Co. an essential tool for use in its service facilities in the United States.

Be the First to Know

Get the latest news and most popular articles from MTD delivered straight to your inbox. Stay on top of the tire industry and don't miss a thing!