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The Hankook Tire & Technology group (/ˈhæŋkʊk/; [haːnɡuk] 한국, 韓國 "(South) Korea", also known simply as Hankook and stylised наnкоок) is a South Korean tire company. Based in Seoul, South Korea, the Hankook Tire & Technology group is the 7th largest tire company in the world.[1]

Hankook Tire
Public
Traded asKRX: 161390
IndustryAuto and Truck parts
Founded1941; 78 years ago (1941) (as The Chosun Tire Company)
FounderCho Hong Jai
HeadquartersGangnam-gu, Seoul, South Korea
Key people
Cho Hyun Bum (CEO)
RevenueKRW 6,795 billion (2018)
KRW 530 billion (2018)
Number of employees
21,000 Worldwide
Websitewww.hankooktire.com/global

Contents

HistoryEdit

Hankook Tire was established by Jae Hun Chung's grandfather in 1941 as the Chosun Tire Company and was renamed to Hankook Tire Manufacturing in 1968. The word "Hankook" literally means Korea, thus Korea Tire Company.

The company now supplies tires as original equipment to various automakers. In addition to producing about 92 million tires annually, the company also sells batteries, alloy wheels, and brake pads.

Hankook Tire Co. has announced that the company will invest $1.1 billion to build a factory in West Java, Indonesia as part of a plan to become the 5th largest tire manufacturer in the world.[2] On June 9, 2011 a ground breaking ceremony was held at a 60-hectare area as a regional hub production for export to Asian, North America and Middle East countries.[3]

In October 2013, the company announced plans to open a new factory in Tennessee.[4]

Facts and figuresEdit

According to Modern Tire Dealer, Hankook's new tire sales for 2007 were $3.5 billion, a 20.7% year-over-year increase from 2006 ($2.9 billion).[citation needed]

Global officesEdit

The company has its headquarters in South Korea and has manufacturing facilities in South Korea, the People's Republic of China, Hungary, Indonesia, and the United States. It has technical centers in Daejon, Korea; Akron, Ohio, USA; Hannover, Germany; Osaka, Japan; and China.

In April 2016, the company announced they would be moving the North American headquarters from Wayne, New Jersey, to Nashville, Tennessee. This move is reported to create up to 200 jobs in Davidson County and the company would be investing $5 million in the process.[5]

Motorsports involvementEdit

Hankook entered motorsports in Europe, North America, and in Asia. They signed with FBR (Farnbarcher Racing) to race a Ferrari F430 GT with Hankook Tires in the 2009 Le Mans Series season. They supplied tires for the Primetime Race Group that raced in the GT2 class of the American Le Mans Series in 2008. They supplied tires from 2007–2009 for IMSA Prototype Lites, a support series for the American Le Mans Series. Since 2009, the Hankook Team Farnbacher has competed in the GT class of the Le Mans Series. They also supply tires for the Hankook KTR team that races in the Super GT and the Asian Le Mans Series. They supplied tires for the Formula 3 Euroseries.

In rallying, Hankook are the series sponsors of the Scottish Rally Championship.[6] Their tires have been used at the European-based Intercontinental Rally Challenge as well.

Since 2011, Hankook is the official tire supplier for the Deutsche Tourenwagen Masters, one of the world's most popular touring car series.

In addition, Hankook also sponsors Formula Drift driver Chris Forsberg, a three-time champion (with his most recent championship coming as recent as the 2016 season).

Hankook are currently tendering to become Formula 1's official tyre supplier after Pirelli's current deal expires.

SponsorshipsEdit

Hankook sponsors Real Madrid[7] and Bundesliga club Borussia Dortmund.

Hankook was once the major sponsor of the Melbourne Football Club in the Australian Football League.

Hankook sponsors the English rugby union team Northampton Saints.

Hankook sponsors the New Zealand Super Rugby team the Crusaders

Hankook is one of the sponsors of the UEFA Europa League.

Hankook is also involved in drifting sponsorship in a number of countries, most notably in North America in the Formula D championship and in Ireland in the Prodrift championship.

Hankook is the official tire supplier of the reality TV series Car Warriors.

As of 2017, Hankook is one of the major sponsors of the Kontinental Hockey League.

ReferencesEdit

  1. ^ statistica. "The world's largest tire producers in FY 2014, based on tire-related sales (in billion U.S. dollars)". Statistica.com.
  2. ^ Rangga D Fadillah. "Hankook announces US$353 million investment for phase 1". The Jakarta Post. Archived from the original on 2011-01-24.
  3. ^ Post, The Jakarta. "Hankook to make RI production hub".
  4. ^ Hankook Tire to invest $800 million to build first U.S. plant, Automotive News, 14 October 2013
  5. ^ Tire Business, Staff (2016-04-13). "Hankook to invest $5M in HQ move to Nashville (Update)". Tire Business. Crain Communication, Inc. Retrieved 2016-04-14.
  6. ^ "SRC homepage". Scottish Rally Championship. SRC. 2010-11-19. Retrieved 2010-11-19.
  7. ^ "Real Madrid present the agreement with Hankook Tire - Real Madrid CF".

External linksEdit