Hankook Claims to be “Fastest Growing” Manufacturer

Hankook Tire claims it was, in terms of sales, the world’s fastest growing tyre manufacturer in 2007. The company’s sales for last year are estimated at US$3.5 billion, representing a year-on-year growth of 20.6 per cent. This contrasts markedly with Hankook’s nearest rival in terms of sales, Sumitomo Rubber, whose $3.6 billion in sales was down 5.3 per cent on last year’s $3.8 billion. Korean rival Kumho experienced a year-on-year growth of 15.8 per cent, making them the fourth fastest growing company according to the figures published by US magazine Modern Tire Dealer.

The company also recorded, according to the US figures, both the industry’s highest profit margin (8.4 per cent) and second highest employee-to-sales ratio in 2006 (approximately $350,000). The figures rank Hankook as currently being the world’s seventh largest tyre manufacturer.

Mr. Seung Hwa Suh, CEO, Hankook Tire, said, “Gaining sales volume alongside profitability is a reflection of our increasing reputation for quality and high-performance tires. The results show that we have made significant ground in closing the gap to the world’s number six position and independently verifies our ongoing success in making inroads into new and established markets. We will continue to focus on key growth drivers that will sustain this success over the long-term.” Hankook Tire will disclose 2007 global performance results on the 11th February 2008.