Kumho Raises Investment in New Korean Tire Plant by 15%

Kumho Tire has increased its investment in a new tire production plant in Hampyeong, South Korea by around 15%. The company will now invest KRW760 billion (€440 million) in the new factory, up from the KRW661 billion investment announced in September last year. The target completion date for the plant has been extended by two months to the end of March 2028. The factory will have an annual production capacity of 5.3 million tires and 7 million units of refined rubber in its first phase. The plant is being built following a major fire at the company’s Gwangju factory in May last year, and will use proceeds from the sale of the old factory to expand production to 12 million tires per year in its second phase.