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Kumho Tire signs deal with Pakistani car battery firm

Sept 28,2018
Kumho Tire, Korea’s second-largest tiremaker by sales, said on Thursday that it has signed a 10-year technology transfer agreement with a Pakistani car battery maker.

In the deal, which will run through September 2028, Kumho Tire will transfer technologies required to manufacture 28 tire products for passenger and commercial vehicles to Century Engineering Industries, the company said in a statement.

Kumho Tire will initially receive $5 million from Century Engineering for the basic tire manufacturing technology transfer and 2.5 percent of the Pakistani firm’s annual sales for 10 years, the statement said.