Hankook aiming for 12-15% US market share
At Hankook Tire America’s annual ‘Partners Day’, the tyre maker gave an overview of its recent successes and shared it plans to build upon these accomplishments. US industry publication Tire Review was there and shares news of the event held in Cancun, Mexico.
Hyun Bum Cho, chief marketing officer parent company Hankook Tire, told dealers that Hankook Tire America has enjoyed annual average sales growth of 13 per cent over the past seven years, an occurrence he attributed to product quality, increased brand awareness, added OE fitments and an above-average capacity expansion of five to six per cent each year. Cho also told key dealers and distributors present at the meeting that, long-term, the tyre maker aims to increase its current five per cent US market share to between 12 and 15 per cent.
Shawn Denlein, senior vice-president of sales at Hankook Tire America, noted that the operation increased its sales to US$1.2 billion in 2012. Outlining the company’s growth goals for 2013, he said that a decision regarding the establishment of a new plant in the US would be taken in 2013 (Hyun Bum Cho said Hankook is 80 per cent certain it will build a US plant and the search for a suitable site is still under way), and the company intends to increase sales to $1.4 billion and market share to 5.4 per cent. Hankook Tire America also intends to enhance its ‘One’ dealer programme.
Newly appointed Hankook Tire America President Byeong Jin Lee and senior vice-president of marketing Jeong Ho Park were also introduced to dealers for the first time during the meeting.
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