The companies also plan to enter into a capital alliance based on cross-shareholdings. Kumho Tire, established in 1960, is headquartered in Gwangju, South Korea. The company recorded sales of KRW 4,070.6 billion (~ EUR 2.8 billion) in 2012. It has eight tyre plants in South Korea, China, and Vietnam and employs about 11,000 people.Yokohama Rubber, founded in 1917, recorded sales of JPY 559.7 billion (~ EUR 4 billion) in 2012, with tyres accounting for JPY 444.6 billion (~ EUR 3.1 billion) of the total. The company operates 12 tyre plants (not including those currently under construction) in seven countries and employs about 20,000 people.