Kumho Tire shuts Gwangju plant after fire, derailing record sales run

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The story "Kumho Tire shuts Gwangju plant after fire, derailing record sales run" was covered 11 hours ago by Korea Economic Daily, a news publisher based in South Korea.

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Kumho Tire shuts Gwangju plant after fire, derailing record sales run - Korea Economic Daily

Quick Summary:

It is also considering building its first plant in Europe in Poland, Serbia or Portugal, but the plans are expected to take time to materialize.“Coupled with the US 25% tariffs on imported cars imposed last month, the production halt at the Gwangju plant will hit Kumho Tire’s earnings this year,” said a tire industry official.

Kumho Tire Co.has suspended all operations at its Gwangju plant in South Korea after a fire destroyed 50-60% of the production lines in one of its two main buildings, a disruption that could end its four-year streak of record-setting sales.

Kumho Tire is considering shifting some production at its fire-hit Gwangju plant to another facility in South Jeolla Province in Gokseong, which has as slightly higher capacity than the fire-hit Gwangju plant.