[THE INVESTOR] Kumho Tire said on Sept. 27 it has signed a 10-year technology transfer agreement with a Pakistani company.

In the deal which will run through September 2028, Kumho Tire will transfer technologies required to manufacture 28 tire products for passenger and commercial vehicles to Century Engineering Industries, the company said in a statement. 

Kumho Tire will initially receive US$5 million from Century Engineering for the basic tire manufacturing technology transfer and 2.5 percent of the Pakistani firm’s annual sales for 10 years, the statement said.

Century Engineering, a Pakistani car battery maker, has been seeking to build a tire plant since May last year to expand its business portfolio. Century aims to build a tire plant with a capacity of 5 million units.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)