OCTOBER 21, 2004
More about Kumho
The Kumho Tire Co. Inc. has announced its plans to enter Formula 1 by 2007. The company has announced that it is investing $25m in order to put together what is needed for the programme and will begin testing tyres in 2005 and will then be testing with an F1 team in 2006 and 2007. The Korean tyre company has been in motorsport since 1992 and in recent years has been supplying tyres in Formula 3. The company also participates in GT racing around the world, including the All-Japan Grand Touring Car Championship, and in rallying. The company says that it intends to use F1 to improve its profile which will help the firm to increase its sales.
The decision comes just a few months after the company changed its chief executive with Dr. Sae-Chul Oh taking over the role at the start of 2004 following the retirement of his predecessor. Dr. Oh was previously in charge of the company's research and development programmes. Soon after becoming president, he announced that he intended to grow the company through the development of more high value-added products and services; secondly by consistent investment in technology.
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