This article needs to beupdated.(December 2020) |
Kumho Asiana Groupis a largeSouth KoreanChaebol(conglomerate), with subsidiaries in theconstruction,electronics,IT,leisure,logistics,manufacturing,tourismandtransportationsectors. The group is headquartered at theKumho Asiana Main TowerinSinmunno 1-ga,Jongno-gu,Seoul,South Korea.[1]As of 2014, the largest shareholder is Park Sam-koo, the third son of the company's founder, who stepped down as CEO in 2010.
| Kumho Asiana Group | |
| Hangul | 금호아시아나그룹 |
|---|---|
| Hanja | |
| Revised Romanization | Geumho Asiana Geurup |
| McCune–Reischauer | Kŭmho Asiana Kŭrup |
History
editAfterWorld War II,Park In-chonbegan ataxiservice, based out of Geumnamno inSeo-gu,Gwangju.[2]By the 1950s, operations had expanded to include bus and coach services, operating as Gwangju Passenger Service (today, Kumho Buslines).
The company beganvertical integrationin 1960 with the establishment of Samyang Tire, todayKumho Tire.Facing a shortage of raw material, Kumho Synthetic Rubber (todayKumho Petrochemical) was established in 1971. The group expanded considerably as theKorean economy boomed,adding subsidiary companies in aviation, construction, culture, logistics, information technology, and tourism business sectors.
Surviving the1997 Asian financial crisisin a position of strength, it acquired several companies from cash-strapped competitors in the 2000s, includingDaewooEngineering & Construction and Korea Express.[3]These acquisitions were heavilyleveraged,leading to cash flow issues as thefinancial crisis of 2007–08began to impact the economy. The group was forced to sell off assets and begin adebt workoutprogram in late 2009 after an attempt to sell Daewoo E&C failed on the open market.[4]
In December 2015,Kumho Petrochemicalwas spun off from Kumho Asiana Group in order to raise capital for the company's remaining subsidiaries.[5]
In an effort to restructure, the group sold its controlling 45 percent stake in Kumho Tire to Chinese tire companyDoublestarin July 2018.[6]
In April 2019, the company sold its controlling stake inAsiana Airlinesto help pay down mounting credit debt.[7]
Subsidiaries
edit- Asiana Abacus
- Asiana IDT
- Asiana Leisure
- Jeokho Academy
- Kumho Art Museum
- Kumho Art Hall
- Kumho Asiana Cultural Foundation
- Kumho Asiana Human Resources Development Institute
- Kumho Buslines - Reacquired from KoFC IBK Kaystone PEF in May 2015.[8]
- Kumho Electric
- Kumho Engineering and Construction
- Kumho Industrial Company
- Kumho Resort
- Kumho Terminal
See also
edit
References
edit- ^"Contact UsArchived2019-07-01 at theWayback Machine."Kumho Asiana Group.Retrieved on November 26, 2008.
- ^"History",Kumho Asiana,archived fromthe originalon 2014-04-11,retrieved2014-04-11
- ^Song, Jung-a (2010-02-17),"Kumho falls victim to winner's curse",Financial Times
- ^"South Korean Conglomerate Faces Cash Crunch",The New York Times,Reuters, 2009-12-30
- ^"금호그룹, 금호석유화학 8개 계열사와 완전 분리…대법원 판결".13 December 2015.
- ^"Year in Review: Doublestar, Kumho complete merger after failed attempt in 2017".Rubber and Plastics News.19 December 2018.
- ^Hyun-woo, Nam (15 April 2019)."Kumho Group puts Asiana Airlines up for sale".The Korea Times.Retrieved11 November2020.
- ^Kim, Jae-Won (26 May 2015)."Kumho Asiana buys Kumho Buslines".Korea Times.Retrieved22 June2015.
External links
edit
- Main
- Kumho Asiana Group HomepageArchived2006-07-21 at theWayback Machine(in Korean, English, and Chinese)
- Group