This article needs to be updated.(December 2020) |
Kumho Asiana Group | |
Hangul | 금호아시아나그룹 |
---|---|
Hanja | |
Revised Romanization | Geumho Asiana Geurup |
McCune–Reischauer | Kŭmho Asiana Kŭrup |
Kumho Asiana Group is a large South Korean Chaebol (conglomerate),with subsidiaries in the construction,electronics,IT,leisure,logistics,manufacturing,tourism and transportation sectors. The group is headquartered at the Kumho Asiana Main Tower in Sinmunno 1-ga,Jongno-gu,Seoul,South Korea. [1] As of 2014,the largest shareholder is Park Sam-koo,the third son of the company's founder,who stepped down as CEO in 2010.
After World War II,Park In-chon began a taxi service,based out of Geumnamno in Seo-gu,Gwangju. [2] By the 1950s,operations had expanded to include bus and coach services,operating as Gwangju Passenger Service (today,Kumho Buslines).
The company began vertical integration in 1960 with the establishment of Samyang Tire,today Kumho Tire. Facing a shortage of raw material,Kumho Synthetic Rubber (today Kumho Petrochemical) was established in 1971. The group expanded considerably as the Korean economy boomed,adding subsidiary companies in aviation,construction,culture,logistics,information technology,and tourism business sectors.
Surviving the 1997 Asian financial crisis in a position of strength,it acquired several companies from cash-strapped competitors in the 2000s,including Daewoo Engineering &Construction and Korea Express. [3] These acquisitions were heavily leveraged,leading to cash flow issues as the financial crisis of 2007–08 began to impact the economy. The group was forced to sell off assets and begin a debt workout program in late 2009 after an attempt to sell Daewoo E&C failed on the open market. [4]
In December 2015,Kumho Petrochemical was spun off from Kumho Asiana Group in order to raise capital for the company's remaining subsidiaries. [5]
In an effort to restructure,the group sold its controlling 45 percent stake in Kumho Tire to Chinese tire company Doublestar in July 2018. [6]
In April 2019,the company sold its controlling stake in Asiana Airlines to help pay down mounting credit debt. [7]
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Daewoo also known as the Daewoo Group, was a major South Korean chaebol and automobile manufacturer.
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Asiana may refer to:
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Kumho Tire is a South Korean tire manufacturer. It is a subsidiary of Chinese tire conglomerate Doublestar. Kumho Tire was previously operated as a business unit of the Kumho Asiana Group.
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Kumho Asiana Cultural Foundation Co, Ltd. (Korean: 금호아시아나문화재단) is a music, art, and entertainment company. It is headquartered in Sinmunro-1-ga Jongno-gu, Seoul, Korea. Established in 1977, it is a wholly owned subsidiary of Kumho Asiana Group.
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Geumho, Kumho, or Kǔmho may refer to:
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Kumho Asiana Main Tower is the headquarters of the Kumho Asiana Group, a South Korean conglomerate.
Kumho Petrochemical Co., Ltd. is a multinational chemical company based in South Korea, with headquarters in Seoul. It was founded in 1970 when Kumho Group struggled to secure raw materials for its bus and tire businesses. Kumho Petrochemical has a global market leadership in the manufacturing of synthetic rubbers with the world's largest production capacity based on SBR and BR by IISRP 2012. It focuses on synthetic rubbers, synthetic resins, specialty chemicals, electronic chemicals, energy, building materials and advanced materials as its core business.
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