Kumho Tire to Build a Plant in Europe

Kumho to produce 12 million tires a year at the plant to supply original equipment products to premium European automakers

Kumho Tire Co., South Korea’s No. 2 tire maker, plans to invest more than 1 trillion won ($750.8 million) by 2027 to build its first plant in Europe to meet demand from major automakers there such as Mercedes-Benz AG and BMW amid the Red Sea shipping crisis.

“We are reviewing Romania, Serbia, Portugal and Turkey as potential locations for the plant,” Kumho President and CEO Jung Iltaik told The Korea Economic Daily on Friday. “We plan to complete the site selection process by the end of this year after checking subsidies and tax incentives from the federal and local governments.” …

Source: The Korean Economy Daily