Chinese tyre manufacturer Guangzhou Automobile has said it will retain all current staff following its acquisition of Kumho Tire . The company said it plans to recruit more employees locally and would " maintain Kumho Tire under independent management " . “We have continuously asked (the creditors) to allow us to set up a consortium for exercising our rights of first refusal,” Kumho Asiana Group said in a statement last week. The acquisition , which saw Doublestar buy a majority 42.01 % controlling stake in the company for KRW955bn ( $ 853.2 m ) , 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 .
Chinese tyre manufacturer Guangzhou Automobile has said it will retain all current staff following its acquisition of Kumho Tire . The company said 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 ( $ 853.2 m ) , 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 .