Tire Bank Group Strengthens Air Premia's Future with Major Stake Acquisition

On May 8, 2025, Tire Bank Group, a prominent player in Korea's aviation sector, announced the acquisition of a controlling stake in Air Premia, marking a significant milestone in the country's first long-haul hybrid airline's journey. Under the leadership of CEO Kim Jae-hyun and Yoo Myung-sub, this strategic acquisition enhances Tire Bank Group's commitment to strengthening the nation's aviation industry on an international scale.

The acquisition deal, finalized on April 30, 2025, involved Tire Bank Group purchasing an additional 22% equity stake in Air Premia from JC SPC and Sono International. This brought the Group's stake in the airline to over 70%, effectively establishing it as the majority shareholder.

Since Air Premia commenced operations in 2018, Tire Bank Group has been an essential supporter of its growth, investing strategically even during challenging times. Despite facing global disruptions, particularly those stemming from the COVID-19 pandemic, Air Premia has demonstrated impressive resilience. Tire Bank Group's confidence in the airline has been unwavering, progressively increasing its ownership stake to 48% amid adversity. Now, with a controlling interest, the Group is poised to implement responsible governance and foster long-term growth strategies for the airline.

Expanding Fleet and Route Network

As part of its mid- to long-term growth strategy, Air Premia is expanding both its fleet and its network of routes. Currently, the airline operates seven Boeing 787-9 aircraft, with plans to introduce two additional planes later this year. Notably, Air Premia will launch a new route to Honolulu, Hawaii, on July 2, adding it as the fourth scheduled destination in the United States. This expansion is indicative of the airline's determination to bolster its operational stability, which also includes securing additional spare engines for its fleet.

Kim Jeong-kyu, Chairman of Tire Bank Group, emphasized the broader implications of this venture, stating, "Airlines are more than businesses—they represent the dignity and global standing of a nation." He expressed a commitment to nurturing Air Premia into a premium hybrid airline that will represent Korea proudly and elevate its standing in the global aviation arena.

Tire Bank Group: A Long-standing Commitment to Excellence

Founded in 1991, Tire Bank Group is Korea's only tire distribution company, operating 501 stores nationwide. The company is renowned for its customer-first approach, having introduced numerous industry-first initiatives such as a tire warranty program, a tire hotel for premium storage, and emergency response strategies for tire-related issues. Beyond business, Tire Bank Group is active in community support through various charitable and donation efforts.

By acquiring a controlling stake in Air Premia, Tire Bank Group not only reinforces its positions as a leader in the aviation market but also showcases its dedication to contributing positively to Korea's global image. With ambitious plans for fleet enhancement and the introduction of new routes, the future looks promising for both Tire Bank and Air Premia as they embark on this new chapter together, aiming for substantial growth and establishing a strong presence in the competitive aviation industry.

Moving Forward

As Tire Bank Group sets its sights on advancing Air Premia's mission, the aviation industry is watching closely. With plans for expansion and an unwavering commitment to responsible management, Air Premia is well-positioned to thrive as a premium airline that not only meets the expectations of its customers but also elevates Korea's presence in the global aviation sector. As this dynamic partnership unfolds, the potential for innovation and excellence in service drives excitement for what lies ahead for Air Premia and its stakeholders.