Yokohama Rubber has announced that it has terminated its technology tie-ups with Kumho Tire Co., Inc.
Yokohama Rubber and Kumho Tire entered into the Master Technological Alliance Agreement on February 15, 2014 and entered into the Cooperative R&D Agreement as well as the License and Technology Exchange Agreement on May 31, 2014, with the goal of working together to develop the tyre-related future technologies, including environmentally friendly tyre technologies and new concept tyres. Yokohama says these agreements were terminated based on the terms and conditions due to the recent change in Kumho Tire’s controlling shareholders.
Kumho Tire, established in1960, is headquartered in Gwangju, South Korea. The company has eight tyre plants in South Korea, China, Vietnam and the United States and employs about 10,000 people globally.
Yokohama Rubber, founded in 1917, is engaged in the manufacture and sale of tyres and a variety of products in its MB (Multiple Business) operations and golf equipment. The company operates 14 tyre plants in eight countries around the world and employs about 25,000 people globally.