Summary
Kumho Asiana Group began in 1946 when Park In-chon started a taxi business in Gwangju with two taxis. In 1948, he expanded into the passenger transportation business by founding Gwangju Buslines. In 1961, the company grew by acquiring Jeonnam Buslines. By 1968 and 1971, it had received licenses for express bus services on the Gyeongbu and Honam lines, respectively, becoming a nationwide express bus company.
In 1960, Park In-chon entered the tire market by establishing Samyang Tire and began exporting to Southeast Asia in 1965. The company became profitable by 1968, and along with Gwangju Buslines, it laid the foundation for the future Kumho Group in the 1970s.
In 1970, Park In-chon established Korea Synthetic Rubber in a joint venture with the Japanese trading company Mitsui & Co. In 1972, he entered the trading business by founding Kumho Industrial and formed joint ventures with the American petroleum company Mobil to establish Mobil Korea Lube Oil and Kumho Electronics in 1973. During this period, the name “Kumho” established itself as a leading national corporation. From 1974 to 1977, Park In-chon expanded the business scope by founding Gwangju Investment & Finance, Kumho Industry, Kumho Chemical, Kumho Textile, and Kumho Construction, forming a conglomerate of 12 companies.
However, the second oil crisis in 1979 and an economic downturn led to the merger of Kumho Electronics and Kumho Industry into Kumho Industrial. In 1984, Samyang Tire and Kumho Industrial merged, renaming the company Kumho Co.
After Park In-chon’s death, his eldest son, Park Seong-yawng, expanded the group. In 1986, he formed a technology alliance with the American tire company Uniroyal, and in 1987, Kumho Tire merged with 10 sales companies to expand its sales network. In 1988, Kumho launched Asiana Airlines.
In the 1990s, Kumho Construction turned profitable thanks to a construction boom. In 1993, Gwangju Buslines changed its name to Kumho Construction. In 1995, Park Seong-yawng entered the rental car business in partnership with Hertz, and in 1996, renamed Samyang Tire to Kumho Tire.
In 1996, Park Jeong-koo, the second son and third chairman, expanded the group’s presence in the Chinese market with express bus and tire businesses. He later launched new businesses such as resorts, propelling the group into the top 10 of the South Korean business rankings. During the 1998 Asian financial crisis, he implemented strong restructuring measures.
In 2002, Park Sam-koo, the fourth chairman, renamed the group Kumho Asiana Group in 2004 and entered the logistics business. In 2005, Kumho Tire was listed on both the London and Korean stock exchanges. However, the acquisitions of Daewoo Construction in 2006 and Korea Express in 2008 led to a liquidity crisis.
To overcome the crisis, Park Sam-koo sold various assets. He divested Kumho Tire’s Tianjin plant and Asiana Airlines’ airport services, Daewoo Construction, and Korea Express. He also sold the Gwanghwamun office, Seoul Express Bus Terminal, Kumho Life Insurance, Kumho Industrial, and Kumho Rent-a-Car. Some shares of Kumho Buslines were also used as collateral with the Industrial Bank of Korea. These issues resulted in poor management of Asiana Airlines, the group’s cash cow.
In 2015, Kumho Asiana Group and Kumho Petrochemical split. The liquidity crisis led the fourth son, Park Chan-koo, to sell his shares in Kumho Industrial and increase his stake in Kumho Petrochemical, pushing for a separation. The group transitioned to a divided management system, with Park Sam-koo managing aviation, construction, and transportation sectors, while Park Chan-koo oversaw the petrochemical sector.
Continuous management deterioration led Park Sam-koo to resign in 2019. The group decided to sell Asiana Airlines in April 2019. In December 2020, the group’s strategic management office was disbanded. In 2021, Kumho Resort was sold to Kumho Petrochemical, and Kumho Songnisan Buslines and Kumhotour Buslines Seoul Branch were sold to a consortium. In 2024, the group’s largest real estate asset, the Gwangju Bus Terminal, was sold to Shinsegae Gwangju.
Timeline
▲ April 1946 = Park In-chon starts a taxi business in Gwangju with two taxis.
▲ September 1948 = Founded Gwangju Buslines, expanding into the passenger transportation industry.
▲ September 1960 = Entered the tire market by establishing Samyang Tire.
▲ June 1961 = Acquired Jeonnam Buslines, expanding the business.
▲ October 1965 = Began exporting tires to Southeast Asia.
▲ 1968 = Became profitable, laying the foundation for the future Kumho Group along with Gwangju Buslines.
▲ October 1968 = Received licenses for express bus services on the Gyeongbu lines
▲ 1970 = Established Korea Synthetic Rubber in a joint venture with Japanese trading company Mitsui & Co.
▲ October 1972 = Entered the trading business by founding Kumho Industrial.
▲ 1973 = Formed joint ventures with American petroleum company Mobil to establish Mobil Korea Lube Oil and Kumho Electronics.
▲ 1974-1977 = Expanded business scope by founding Gwangju Investment & Finance, Kumho Industry, Kumho Chemical, Kumho Textile, and Kumho Construction, forming a conglomerate of 12 companies.
▲ 1979 = The second oil crisis and economic downturn led to the merger of Kumho Electronics and Kumho Industry into Kumho Industrial.
▲ 1984 = Samyang Tire and Kumho Industrial merged, renaming the company Kumho Co.
▲ September 1986 = Formed a technology alliance with the American tire company Uniroyal.
▲ March 1987 = Kumho Tire merged with 10 sales companies to expand its sales network.
▲ 1988 = Launched Asiana Airlines.
▲ 1993 = Gwangju Buslines changed its name to Kumho Construction.
▲ 1995 = Entered the rental car business in partnership with Hertz.
▲ February 1996 = Samyang Tire changed its name to Kumho Tire.
▲ 1996 = Park Jeong-koo, the second son, and third chairman, expanded the group’s presence in the Chinese market with express bus and tire businesses.
▲ 1998 = Reduced debt and implemented strong restructuring measures during the Asian financial crisis.
▲ 2002 = Park Sam-koo became the fourth chairman.
▲ 2004 = Renamed the group Kumho Asiana Group and entered the logistics business.
▲ 2005 = Kumho Tire was listed on both the London and Korean stock exchanges.
▲ 2006, 2008 = Acquired Daewoo Construction and Korea Express, leading to a liquidity crisis.
▲ July 2015 = Kumho Asiana Group and Kumho Petrochemical split. Park Chan-koo sold his shares in Kumho Industrial and increased his stake in Kumho Petrochemical, pushing for a separation.
▲ March 2019 = Park Sam-koo resigned. The group decided to sell Asiana Airlines in April.
▲ December 2020 = The group’s strategic management office was disbanded in December.
▲ March 2021 = Sold Kumho Resort to Kumho Petrochemical and Kumho Songnisan Buslines and Kumhotour Buslines Seoul Branch to a consortium.
▲ 2024 = Sold the Gwangju Bus Terminal, the group’s largest real estate asset, to Shinsegae Gwangju.
