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Kumho Tire Inks Technology Export Deal with Blatco in Saudi Arabia
Kumho Tire Inks Technology Export Deal with Blatco in Saudi Arabia

Kumho Tire Inks Technology Export Deal with Blatco in Saudi Arabia

  • 05-Mar-2024 6:49 PM
  • Journalist: Jacob Kutchner

Kumho Tire, a prominent player in the tire manufacturing industry, recently sealed a momentous technology export agreement with Black Arrow Tire Company (Blatco) in Saudi Arabia. The accord, finalized on February 28, positions Kumho Tire as a key contributor to advancing tire production technology in the Middle East, particularly catering to the Saudi Arabian market. This strategic collaboration, designed to span an impressive 20-year horizon, marks a significant commitment to fostering technological progress and mutual growth in the tire manufacturing sector.

Blatco, the recipient of Kumho Tire's technological expertise, is a manufacturing company that has garnered substantial support from Saudi Arabia's Vision 2030 policies. The company has ambitious plans to solidify its presence in the tire manufacturing landscape by completing an extensive 85,000 square meter tire plant in the Western Industrial Zone by the year 2027. This forward-looking initiative aligns seamlessly with Blatco's broader objective of expanding its mobility business footprint. The tire plant's operations are geared not only toward servicing the domestic Saudi Arabian market but also extending its reach across diverse Middle Eastern markets.

Jung Il-taek, the President of Kumho Tire, emphasized the strategic importance of this technology export agreement. He highlighted how it serves as a showcase of Kumho Tire's technological prowess, positioning the company as a leader in the tire manufacturing domain. Il-taek further elaborated on the collaborative venture with Blatco, emphasizing that it lays a robust foundation for sustained growth in production and sales within the Middle East. The partnership underscores Kumho Tire's commitment to leveraging strategic alliances and innovative technologies to navigate and excel in the dynamic Middle East market.

Adel Al Masood, the CEO of Blatco, expressed the company's dedication to product development and maintaining high production quality through the collaborative venture with Kumho Tire. Acknowledging Kumho Tire as a technological leader in the industry, Al Masood outlined their shared commitment to delivering high-quality products infused with cutting-edge technology. The CEO's statement reflects the shared vision of both entities to not only meet industry standards but also set new benchmarks in tire manufacturing.

This recent technology export agreement builds on Kumho Tire's earlier commitment to the Saudi Arabian market, as evidenced by a Memorandum of Understanding (MOU) signed during the Korea-Saudi Smart Innovative Growth Forum in 2022. The MOU laid the groundwork for establishing a joint venture in tire manufacturing, reinforcing Kumho Tire's sustained commitment to collaborative endeavors in the Saudi Arabian market.

Kumho Tire's collaboration with Blatco signifies a strategic and forward-looking approach. By sharing technological expertise, Kumho Tire aims to drive growth in the dynamic tire industry of the Middle East, aligning with broader economic policies and business objectives. This partnership sets the stage for a productive and enduring relationship between Kumho Tire and Blatco, with the potential to influence the trajectory of tire manufacturing in the region for years to come.

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