Yokohama terminates technology ties with Kumho Tire
TOKYO — Yokohama Rubber Co. Ltd. has terminated its technology tie-ups with South Korea’s Kumho Tire Co. Inc. — in place since early 2014 — effective July 6.
Yokohama cited the recent change in Kumho Tire’s shareholding structure. China’s Qingdao Doublestar Group acquired a 45-percent ownership stake in Kumho Tire in July in a $600 million-plus deal with Kumho shareholder Korea Development Bank.
YRC and Kumho Tire signed a Master Technological Alliance Agreement on Feb. 15, 2014, and entered into a cooperative research and development and license and technology exchange agreements on May 31 that same year.
The goal of working together was to develop the tire-related future technologies, including environmentally friendly tire technologies and new concept tires, YRC said, without disclosing what — if any — developments resulted from the cooperative deals.