Recently, Qingdao Double Star's acquisition of South Korea's Kumho Tire Co., Ltd. has seen a major turnaround: The Kumho Tire Union, which previously opposed the Chinese-funded acquisition, announced that it will decide whether to approve the acquisition by a trade union member. On March 30, 2018, the creditor group held a four-and-a-half-hour meeting on behalf of the Korea Industrial Bank (KDB) and the Kumho Tire Union. Three and a half hours before the “deadline†for the announcement of Kumho Tire’s maturity due to the creditor’s company, the two parties reached an agreement on the acquisition of Kumho Tyre by Qingdao Double Star and the restoration of normal operations of the company as soon as possible. According to the agreement and the position of the union afterwards, Kumho Tire will provide paid vacations to all employees on April 1, 2018, and hold M&A presentations in the factory and organize all trade union members to vote. For this result, a person in the Korean tire industry bluntly said: "This is just to find a step for trade union executives. Under the precipice of bankruptcy protection, there is no suspense in choosing Chinese purchases and bailouts." He also said that Qingdao Double Star has shown enough sincerity to the Korean side. The poor operation of Kumho Tire is due in large part to the failure of the Chinese market. Jacquard,Embellished Lace Fabric,Polyester Waterproof Fabric,100 Polyester Jacquard Fabric Shaoxing MingFang Textile Co., Ltd , https://www.printingsfabrics.com
Qingdao Double Star Tire and Korea Kumho Tyre