Kumho Tire will resume operations at its Gwangju Plant by the end of this year, with a production capacity of 6,000 tires per day. Additionally, the new plant being transferred to Hampyeong will complete phase one of construction by the end of 2027 and aims to produce 5.3 million tires annually starting in 2028.
Kumho Tire announced a roadmap for the Gwangju Plant on the 30th following labor-management agreement discussions. This comes about two months after a fire occurred at the Gwangju facility on May 17. Initially, the roadmap was supposed to be released earlier this month, but delays occurred due to unresolved differences between labor and management.
Kumho Tire has decided to enhance the equipment of its unaffected plant within the Gwangju facility to achieve a production level of 6,000 tires per day by the end of this year. During the equipment installation period, shortages of rubber and semi-finished products will be sourced from the Gokseong Plant and external suppliers.
The new plant being developed in Hampyeong's Bitgreen Industrial Complex will be constructed in two phases. Phase one is set to be completed by the end of 2027 and will officially start operations in January 2028. The production capacity for phase one is 5.3 million tires, which is less than the union's initial demand of 6 million tires but more than the company's initial proposal of 3.5 million tires.
When the land sale for the Gwangju Plant occurs, phase one will be transferred to the Hampyeong new plant, and the construction of phase two will be promoted following that. Employment for current staff will also be guaranteed. Approximately 2,400 people work at the Gwangju Plant, including about 1,800 personnel in technical positions.
Meanwhile, Kumho Tire also announced its second-quarter results on the same day. The second-quarter revenue was 1.22 trillion won, a 7.9% increase compared to the same period last year. This marks the highest revenue ever recorded for the second quarter, maintaining over 1 trillion won in quarterly sales for seven consecutive quarters since the fourth quarter of 2023. Operating profit increased by 15.6% to 175.2 billion won compared to the same period last year. The operating profit margin increased by 0.9 percentage points to 14.3%, due to a rise in sales of premium products and high-inch tires.
Kumho Tire noted that it plans to continue its sales growth in the second half of the year through the development of new clients and expansion of supply volume in major global markets such as North America and Europe, stating, "We will accelerate profitable revenue growth by focusing on expanding sales of high value-added products."