Furthermore, the initiative will involve investments within Kumho's SSBR operations as it targets the No. 1 position in Asia.
In addition to SSBR capabilities, Kumho said it also would invest in its "fine chemical products" such as synthetic rubber antioxidants and vulcanization accelerators.
"We are discussing detailed strategies to strengthen global competitiveness, and are devising strategies to maximize profitability," it added.
The company did not provide further details for the planned investments, but the announcement comes after a series of expansion projects introduced last year.
In June last year, Kumho unveiled an "aggressive $225 million investment" in a new nitrile rubber latex plant at its Ulsan petrochemical complex.
Later in the year, the group announced that it would "more than double" its SSBR production capacity from 63,000 metric tons per annum (63 ktpa) to 123 ktpa by the end of 2022.
The Korean supplier also is considering a $2 billion (KRW 2.7 trillion) investment in environmental, social and governance (ESG) management as well as "future growth engines," including the electric vehicle sector, biomaterials and eco-friendly materials, the company said.
"The main objective of the group's focus on ESG is to facilitate its transition toward renewable energy and to ensure greater efficiency with regard to the energy generation business," Kumho said, adding the group plans to reduce greenhouse gas emissions by over 29 percent by 2030.
As for its future growth plans, the company is "nurturing businesses with large potential," such as carbon nanotubes for secondary battery materials and engineering plastics to lighten the chassis of EVs.
It also plans to respond to the rapidly changing industry trends by promoting digitalization across its operations.
"The company's ultimate goal is to prepare for a sustainable future by developing specialty products to help maintain its overall functionality while also adding eco-friendly features into its specifications," the company said.
Rubber News staff contributed to this report.