Kumho Tire announced on the 4th that it has signed a technology export contract with Blatco in Saudi Arabia.
Under this contract, Kumho Tire will support the technology necessary for Blatco in Saudi Arabia to produce and sell locally for 20 years. Blatco is a local company supported under the Saudi government's Vision 2030 policy and plans to build a tire factory covering 85,000 pyeong by 2027. They aim to supply tires to the Middle Eastern market, including Saudi Arabia.
Jung Il-taek, CEO of Kumho Tire (from the right), Abdulla Alwahibi, Chairman of Blatco, and Sami Al Sadhan, Saudi Ambassador to Korea, are posing for a commemorative photo after signing the technology export contract. [Photo by Kumho Tire]
The signing ceremony held on the 28th of last month at Kumho Tire's Yongin Central Research Center was attended by Jeong Il-taek, CEO of Kumho Tire; Jo Man-sik, Head of Research and Development; Sami Al Sadhan, Saudi Ambassador to Korea; and Abdullah Alwahibi, Chairman of Blatco.
CEO Jeong Il-taek said, "Through this technology export contract, we will demonstrate our technological competitiveness and establish a foundation for production and sales growth in the Middle Eastern market through strategic partnerships." Adel Al Masoud, CEO of Blatco, stated, "We plan to start construction of the factory next year and will develop and produce products secured with quality and technology through a partnership with Kumho Tire."
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