Hankook Tire

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, the Hankook Tire & Technology group is the seventh largest tire company in the world.[1]

Hankook Tire
Public
Traded asKRX: 161390
ISINKR7000240002 
IndustryAuto and Truck parts
Founded1941 (1941) (as The Chosun Tire Company)
FounderNihon Tire Company
Cho Hong Jai
HeadquartersBundang-gu, Seongnam-si, 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
Hankook Tire
Hangul
Hanja
韓國 타이어 앤 테크놀로지
Revised RomanizationHangung taieo aen tekeunolloji
McCune–ReischauerHan'gung t'aiŏ aen t'ek'ŭnolloji

History

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 102 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 figures

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).

Global offices

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 it would move its 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 involvement
Hankook DTM tyres.

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. The company supplied tires for the Primetime Race Group that raced in the GT2 class of the American Le Mans Series in 2008. It 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. It also supplies tires for the Hankook KTR team that races in the Super GT and the Asian Le Mans Series and for the Formula 3 Euroseries.

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

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

Hankook sponsored Formula Drift driver Chris Forsberg, a three-time champion (with his most recent championship coming as recent as the 2016 season), until 2018 season.

Hankook will replace Michelin to supply tires to Formula E for its third-generation car, starting in 2022.[7]


Sponsorships

Hankook sponsors Real Madrid[8] 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.

Hankook is also involved with simracing, as the main sponsor for Liga ZGT and ApexGT e-Sports, brazilians Gran Turismo Sport Simracing League.

Since 2019, Hankook is the main sponsor of SVRT, a Gran Turismo Sport SimRacing Team.

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References
  1. "The world's largest tire producers in FY 2014, based on tire-related sales (in billion U.S. dollars)". Statistica.com.
  2. Fadillah, Rangga D. (January 20, 2011). "Hankook announces US$353 million investment". The Jakarta Post. Archived from the original on 2011-01-24.
  3. Yulisman, Linda (June 10, 2011). "Hankook to make RI production hub". Retrieved December 1, 2019.
  4. "Hankook Tire to invest $800 million to build first U.S. plant". Automotive News. Bloomberg News. October 14, 2013. Retrieved December 1, 2019.
  5. "Hankook to invest $5M in HQ move to Nashville (Update)". Tire Business. 2016-04-13. Retrieved 2016-04-14.
  6. "SRC homepage". SRC. 2010-11-19. Retrieved 2010-11-19.
  7. "Hankook grabs Formula E tyre deal for Gen3". The Race. 2020-07-01. Retrieved 2020-07-01.
  8. "Real Madrid present the agreement with Hankook Tire" (Press release). Real Madrid CF. 2016-08-31. Retrieved 2019-12-01.
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