Kumho, one of the leading global tyre manufacturers, will invest $305 million to double the capacity of its plant in Vietnam to produce at least 9.3 million tyres a year by 2023. The project will begin from the third quarter of this year and continue to early 2023 to set up an entirely new building section within the present factory premises.
The company is also increasing the capacity of its North American facility in Macon, Georgia, by another 0.5 million tyres a year. It is scheduled to be completed in the fourth quarter of next year. Kumho has eight manufacturing facilities in its native Korea, China, Vietnam and the US.
Kumho’s newly-appointed CEO, Taik Jung, said, “As a company, we are heading in a very positive direction, and part of our strategy is to increase our manufacturing capacity ahead of the growing demand. This will have the dual effect of ensuring product availability for our customers and supporting the continued growth of partnerships in the North American Market.”
Jung is expected to accelerate Kumho’s drive towards an agile organisation culture that can quickly react to changing tyre markets and consumer needs.
“Drawing on his extensive background in R&D, one of Jung’s key goals will be to realise the company’s vision of ‘Your Smart Mobility Partner’, by securing new engines for future growth through the promotion of technological developments designed to maximise customer value, such as smart and airless tyres,” a company spokesperson said.
Having joined the company in 1988, Jung previously held a number of senior positions, including head of both the R&D Centre and the Quality Division.