Hankook to Supply Sinopec

Sinopec, the Chinese petrol and chemical giant, has awarded Hankook Tire with two supply contracts for steel truck radial tyres. The Korean manufacturer is a supplier to many transportation companies in China, having entered the market in 2003. It is pushing forward a concerted effort to establish its presence further than the 1.7 million unit capacity it now possesses within China, with estimates within Hankook predicting boldly a sales growth of 25-30 per cent.

Details of the Sinopec deal were not released within the announcement.