Kumho Tire forges tech licensing agreement with Saudi's Blatco

The company will support technologies necessary for tire production for 20 years to a Saudi Arabian firm

Kumho Tire forges tech licensing agreement with Saudi's Blatco
Nan-Sae Bin 1
2024-03-04 15:49:45 binthere@hankyung.com
Automobiles

Kumho Tire Co. announced on Monday that it signed a technology export contract with Saudi Arabia's Black Arrow Tire Co. (Blatco).

Under the deal, Kumho Tire plans to provide technological support to Blatco for the production of passenger car tires in the Middle East region, including Saudi Arabia, for the next 20 years.

Blatco is a tire manufacturing company receiving support in line with the Saudi Arabian government's Vision 2030 policy.

It aims to complete and start production at a 280,000-square-meter tire factory in the western industrial city of Saudi Arabia by 2027.

Blatco plans to expand its mobility business through tire production and sales in the Middle East market, including Saudi Arabia.

With this agreement as the basis, Kumho Tire intends to consistently target the automotive tire market in the Middle East.

Previously, the company participated in the South Korea-Saudi Smart Innovative Growth Forum held in Saudi Arabia in 2022, where it signed a memorandum of understanding (MOU) for collaboration in establishing a tire joint venture.

Write to Nan-Sae Bin at binthere@hankyung.com
#Kumho Tire #Black Arrow Tire Co. #Blatco #Vision 2030 #Korea-Saudi Smart Innovative Growth Forum

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