This article needs to be updated. (December 2020) |
Kumho Asiana Group is a large South Korean Chaebol (conglomerate), with subsidiaries in the construction, electronics, IT, leisure, logistics, manufacturing, tourism and transportation sectors. The group is headquartered at the Kumho Asiana Main Tower in Sinmunno 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 edit
After World War II, Park In-chon began a taxi service, based out of Geumnamno in Seo-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 began vertical integration in 1960 with the establishment of Samyang Tire, today Kumho Tire. Facing a shortage of raw material, Kumho Synthetic Rubber (today Kumho Petrochemical) was established in 1971. The group expanded considerably as the Korean economy boomed, adding subsidiary companies in aviation, construction, culture, logistics, information technology, and tourism business sectors.
Surviving the 1997 Asian financial crisis in a position of strength, it acquired several companies from cash-strapped competitors in the 2000s, including Daewoo Engineering & Construction and Korea Express.[3] These acquisitions were heavily leveraged, leading to cash flow issues as the financial crisis of 2007–08 began to impact the economy. The group was forced to sell off assets and begin a debt workout program in late 2009 after an attempt to sell Daewoo E&C failed on the open market.[4]
In December 2015, Kumho Petrochemical was 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 company Doublestar in July 2018.[6]
In April 2019, the company sold its controlling stake in Asiana Airlines to 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 Us Archived 2019-07-01 at the Wayback Machine." Kumho Asiana Group. Retrieved on November 26, 2008.
- ^ "History", Kumho Asiana, archived from the original on 2014-04-11, retrieved 2014-04-11
- ^ 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. Retrieved 11 November 2020.
- ^ Kim, Jae-Won (26 May 2015). "Kumho Asiana buys Kumho Buslines". Korea Times. Retrieved 22 June 2015.
External links edit
- Main
- Kumho Asiana Group Homepage Archived 2006-07-21 at the Wayback Machine (in Korean, English, and Chinese)
- Group