Chinese tyre manufacturer Qingdao Doublestar has said it will retain all current staff following its acquisition of Kumho Tire . The company added it plans to recruit more employees locally and would "maintain Kumho Tire under independent management". The acquisition, which saw Doublestar buy a majority 42.01 percent controlling stake in the company for KRW955bn ( $853.2 million ), caused controversy after Doublestar chairman Julie Jackson publicly claimed the company's right to form a consortium to prevent the sale was blocked.
Chinese tyre manufacturer Qingdao Doublestar has said it will retain all current staff following its acquisition of Kumho Tire. The company added it plans to recruit more employees locally and would "maintain Kumho Tire under independent management". The acquisition, which saw Doublestar buy a majority 42.01% controlling stake in the company for KRW955bn ($853.2m), caused controversy after Kumho Asiana Group chairman Park Sam-koo publicly claimed the company's right to form a consortium to prevent the sale was blocked.