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RubberNetwork Announces that Kumho Tir...
|02.2006 RubberNetwork Announces that Kumho Tire has Joined the Global Tire and Rubber Industry Consortium as its Tenth Mem
Jan. 30, 2006
-Philip J. Ringo, Chairman and CEO of RubberNetwork LLC, announced that Kumho Tire, with Headquarters in Seoul, Korea, has become the tenth Member-Owner of the global Tire and Rubber Industry Consortium.
"We welcome Kumho Tire to RubberNetwork. They join nine of the Industry's largest and most successful companies, Continental Tire, Cooper Tire and Rubber, Goodyear, Hankook, Michelin, Pirelli Tire, Sumitomo Rubber, Toyo Tire and Rubber and Yokohama Rubber Co. Ltd. in what we believe is the most successful Industry Consortium. The addition of Kumho is both a validation of their stature in the Industry and the wisdom of RubberNetwork's founders in forming the Company in 2000," Ringo said.
Kumho Tire has grown to become a prominent player in the global tire market since it was established in 1960. According to US Tire Business, Kumho Tire is ranked 11th in the world tire industry with 2004 sales of $1.56 Billion (tire only.) Kumho Tire has a global sales network and is expanding its production capacity in China with plans for more plants in Asia and other areas. Kumho Tire plans to continue its growth with a production capacity of 65 million units targeted by 2009.
RubberNetwork also announced its intention to establish a sixth office, in Seoul, immediately. Brian Selby, V.P. Asia for RubberNetwork noted, "Adding Seoul to our existing RubberNetwork offices in Shanghai, Singapore and Tokyo provides comprehensive support and coverage for all our Members with operations in Asia."
RubberNetwork has generated Sourcing savings in excess of $300 Million since inception. The Company also has made over three hundred connections between its Members and their direct material suppliers through RubberNetwork's Supply Chain Network in Japan, Europe and North America. "These results underline the effectiveness and stability of the Tire and Rubber Industry Consortium since it began active operation in mid-2001. We look forward to Kumho's participation in these Services," Ringo noted.
RubberNetwork is the Tire and Rubber Industry's leading global consortium. Owned by ten of the Industry's largest and most successful companies, Continental Tire, Cooper Tire and Rubber, Goodyear, Hankook, Kumho, Michelin, Pirelli Tire, Sumitomo Rubber, Toyo Tire and Rubber and Yokohama Rubber Co. Ltd. they extend collective resources of participants to exceed individual capabilities and facilitate change. Through Strategic Sourcing and Supply Chain Management, they deliver reduced costs, increased efficiencies, and opportunities for relevant benchmarking and knowledge sharing. RubberNetwork has offices in Amsterdam, Atlanta, Singapore, Tokyo and Shanghai and is in the process of opening an office in Seoul in early 2006. RubberNetwork also provides its services to Member companies in Latin America through a Partner company, Webb Negocios, headquartered in Rio de Janeiro, Brazil.