Seoul – Kumho Tire Co. has signed a 10-year technology-transfer agreement with a Pakistani company that is making a foray into tire production.
At a 27-Sept ceremony in Seoul, the Kumho agreed to transfer technologies “required to manufacture 28 tire products for passenger and commercial vehicles” to Century Engineering Industries.
Based in Karachi, Pakistan, Century Engineering is a car-battery manufacturer, which aims to build a tire-production plant with a capacity of five million units.
Under the deal, Kumho Tire will receive $5 million for the supplied technology as well as 2.5% of Century’s annual sales for 10 years, the Korean company said in a statement.
The scope of the agreement covers design, quality control, training as well as manufacturing process.