Kumho Asiana Group Chairman Park Sam-koo. (Photos: Kumho Asiana)

Kumho Asiana Group has set the 2017 management task to spearhead a “4th Industrial Society.”

In his New Year’s message delivered on Jan. 2, Kumho Asiana Group Chairman Park Sam-koo said, “The speed of the development of the 4th Industrial Society has accelerated, so those who are not on guard will die out.” 

The Fourth Industrial Society refers to a society in which digital and analog, manufacturing and ICT, online and offline are converged, bringing tremendous changes to society’s industrial structure. 

“The 4th Industrial Society will sweep through our society at a tremendous speed, and big data and artificial intelligence have become the realities for us, not a long way off,” Chairman Park said. 

In the age of such upheavals, it’s more important to take a leading position by responding in a nimble fashion ahead of others, he added. Chairman Park said, “The top-down method we’re familiar with cannot brace for the advent of a new society, and when each company, division and team contemplates and carry out duties by the bottom-up method, they will survival from the 4th Industrial Society.”  

He called for the efficient decision-making process using big data and automation by building a big data collection and management regime, and the filed application of new technologies to survive from the 4th Industrial Society.

The group has inaugurated a fourth industry task force headed by President Park Se-chang of the group’s Strategy Management Office, the eldest son of Chairman Park, at the latter’s behest. 

Looking back at 2016, Chairman Park extended thanks to his executives and staff members for striving to go back to what made it successful some 70 years ago to achieve three “tenants’ — profit management, quality management and safety management.

Kumho Asiana to reacquire Kumho Tire

In the meantime, Chairman Park expressed his determination to acquire Kumho Tire, saying, “We still have the last task of accomplishing a mission of rebuilding the group by taking over Kumho Tire.”

Chairman Park said in a meeting with a reporter on Jan. 9, “It is natural and reasonable for us to acquire Kumho Tire.” 

A bid on the sale of Kumho Tire is slated for Jan. 12. If Chairman Park accepts the highest bidding price in the bid., Kumho Tire will go to Kumho Asiana Group since he has the right of first refusal for the acquisition.

On the block is creditors’ 42.01 percent stake (66.37 million shares) in Kumho Tire. The disposal value has been valued at about 600 billion won. The creditors’ offering price, including management premiums, is expected to stand between 900 billion won and 1 trillion won. Under a deal with creditors, Chairman Park cannot hand over the right of first refusal for the acquisition to others. It means that Park will have to secure the money necessary for the acquisition on his own. He expressed his intent to secure the money through the establishment of a special purpose company. 

Kumho Asiana Group Chairman Park has made it clear he will reacquire Kumho Tire.