Woori Technology "Run-flat Tire Design... Establishing Foundation for Global Expansion"

Woori Technology announced on the 2nd that its 100% subsidiary Woori DS is currently working on the design of run-flat tires applied to export-oriented wheeled armored vehicles. Woori DS possesses unique technological expertise related to run-flat tires used in armored vehicles, and it is expected that sales growth will accelerate as exports of armored vehicles expand in the future.

Woori DS is collaborating with domestic automobile manufacturer Kobiko on armored vehicle exports to Nigeria worth a total of 50 billion KRW. Kobiko signed a contract at the end of last year to export 100 armored vehicles to Nigeria.

Woori DS has independently developed and is supplying run-flat tires. By applying a proprietary design structure, Woori DS has succeeded in maximizing the steering and driving performance of armored vehicles and improving tire mounting efficiency. During the product development process, it met the quality standards of the United States and NATO (North Atlantic Treaty Organization), laying the foundation for entry into the global market.

If Kobiko's overseas exports of armored vehicles expand, there is a high possibility that Woori DS's run-flat tire sales will increase based on its domestic exclusive position. Woori DS holds an exclusive supply reference to Hyundai Rotem based on its quality and technological excellence. Kobiko is promoting new armored vehicle supplies to Southeast Asian countries such as Indonesia and Malaysia, using Nigeria as a base.

A company official stated, "Nigeria is the most populous country in Africa, ranks within the top 10 globally in oil reserves, and is the largest economy," adding, "Starting with exports to Nigeria, we expect the supply of armored vehicles to African and Asian countries to expand in the future."

He continued, "We plan to complete the product design in the first half of the year and sign a supply contract for run-flat tires with Kobiko, with delivery of armored vehicles to Nigeria expected to be completed within the year."