Doublestar promises to keep all jobs at Kumho factories

The situation surrounding the sale of the controlling stake in Kumho Tire shares continues to give rise to discussions and all kinds of speculation.

This time, the Korean media reported that Qingdao Doublestar Tire, the main bidder for the purchase, reacted to appeals to Kumho's creditors not to make a deal with Doublestar because of fears for safety of jobs

The Chinese company said it did not plan to make any cuts in the Kumho Tire plants after the planned purchase.

"Doublestar is going to accept and maintain all existing jobs in Kumho Tire," the Chinese manufacturer said. "Moreover, we are also planning to hire even more local employees to contribute to the continued sustainable growth of Kumho Tire."

The Chinese company confirms that the Kumho Tire brand will operate separately from Doublestar.

If the deal to buy Kumho is completed, Doublestar will be among the ten largest tire manufacturers in the world.