Reuters reports that South Korean tyre manufacturers began to cut output during November. The news source says that its information has come from the country’s top companies in the field, such as Hankook.
On 25 November, shares in the country’s automotive industry players took a nosedaive, with Kia down 12.07 per cent – falling for the second session in a row – and Hankook down 9.26 per cent.
After undergoing extensive testing, Goodyear’s Assurance tyre has received the 2008 “Annual Product of the Year Award” from Auto Magazine, one of China’s most respected automotive publications. Upon delivering word of this distinction, Goodyear comments that the Assurance, introduced in China last April, provides drivers with outstanding traction and performance – and therefore enhanced confidence. The tyre accomplishes this, says Goodyear, by incorporating Kevlar fibre along with a silica-based sidewall compound to help resist cuts and tears. The Assurance tyre’s ArmorGrip Technology also sports an array of interlocking waffle blades and additional silica-based compounds within its tread that provides enhanced lateral stability and de-coupling power to assist grip over varied road conditions and on both wet and dry surfaces.
Following several years of consistent sales increases, full year 2008 figures may hit show a drop in Russian passenger car tyre sales by value. The profitable premium segment, which is dominated by non-Russian premium manufacturers, is expected to be the first to feel the pinch. On the other hand, the share of the market occupied by budget products is likely to increase, and some sources predict that Chinese and Korean tyre sales will be replaced by domestic Russian tyre makers’ products.
There is a new man at the helm of Hankook’s European operations. On November 13 the South Korean manufacturer announced the appointment of Mr. Jin-Wook Choi, executive vice president and member of the board of Hankook Tire Co, Ltd. to the position of Head of Europe Headquarters. Mr. Choi brings to the position more than 33 years of international business experience with Hankook, including more than eight years at top management level.
Continental AG should remain European, says Michelin. The Dow Jones news service reports that the French manufacturer’s co-managing partner Didier Miraton expressed this opinion to journalists at the sidelines of a Michelin press presentation on October 17.
It is “important for us that Continental remains in Europe,” said Miraton, referring to speculation that Conti may be a potential target for competitors from Asia, such as Hankook Tire. He added that Michelin will conduct talks with interested parties about Continental, but noted that anti-trust regulations represent a considerable obstacle.
Hankook Tire has stated that its enfren tyre, which the company says is Korea’s first fuel-efficient, environment friendly tyre, received a Korea Green Management Excellence Award in the green product category. The award was presented by the Korea Management Association Registration & Assessments (KMAR). Attending the October 7 awards ceremony were South Korea’s vice minister of Environment Lee Byung-wook, Korea Management Association chairman Shin Young-chul and officials from Hankook and the other award-winning companies.
The Korea Times reports that four Hankook Tire employees have been named victims of a chemical used at a company facility between 1999 and 2003. In an article titled ‘Hankook Tire Cornered’, the South Korean English-language daily says that the government’s acknowledgement, according to lawmakers, shows a “possible relation between the solvent HV-250, a non-benzene compound, and the workers’ health.”
One of the victims is said to have contracted peripheral neuropathy after he was exposed to the solvent, stated the Korea Occupational Safety and Health Agency on October 13. The agency said another 48 year-old worker’s acute leukemia seems to have also been caused by his 20 years of being exposed to a solvent the company previously used. This particular substance formerly contained benzene.
The official lap record on the legendary 20,793 km Nordschliefe is now four seconds lighter following the exploits of German racer Jürgen Alzen and his Hankook tyres-shod Alzen-Porsche Turbo at 2008’s Circuit-Racing Challenge Nürburgring. Clocking in at 7-dead in the “Green Hell” came the team-owner and driving engineer of the Hankook H&R-Spezialfedern team, Alzen, whose brother Uwe held the previous record of 7:04 for five years.
“I am very proud of this record, as it clearly reflects the power as well as the future potential of our total package,” exclaimed a very satisfied Alzen after crossing the finish line. “Special praise also goes to Hankook Tire who once again managed to do a sensational job. The degree of grip, stability and driving performance that working with Hankook for the past two years has brought about is simply sensational. Hankook tyres always fit as if they were tailor made for every single lap.”
Hankook has renewed its links with leading rally driver Stuart Jones for the final round of the Intercontinental Rally Challenge in Switzerland – the Rallye International du Valais – in October. The manufacturer has been working with Jones and his family business, SJR Motorsport since the driver’s British Rally Championship days, and Hankook motorsport manager, Mike Patterson declared himself, “delighted to be renewing our partnership for such an exciting event.’’
“We have been developing tyres specifically for the S2000 cars and Valais will provide the perfect opportunity to test these in some tricky conditions and against some of the best rally competition around.’’ The Hankook MG Super 2000 will be in action at the three-day event, which gets underway on Thursday October 23 from the rally’s base in Martigny. The crews will tackle more than 260 km of competitive stage miles.
European Commission concerns about competition rules have blocked Michelin from acquiring Continental’s tyre business, but the French company is still showing a strong interest in securing an interest in other competitors. Speaking to Forbes.com about potential expansion into China to offset costs in stagnating markets, Michelin chief executive Michel Rollier said “we have to be pragmatic. If we see a wonderful opportunity we will seize it.
Hankook’s Optimo 4S has received the best ratings in an all-season tyre test by Auto Bild, the German car magazine, with testers acknowledging “top driving performance under any weather conditions”. The company says that the “exemplary” rating of the tyre substantiates Hankook’s claim to premium standards in its products. The Optimo 4S is also the only tyre in the world to receive the German Federal Environmental Agency’s prestigious Blue Angel mark, attributed because of the tyre’s reduced road and rolling noise, as well as helping to reduce fuel consumption by up to five per cent.
Hankook is – According to the US-Magazine Modern Tire Dealer (Jan. 2008) – currently the seventh largest and fastest growing tire manufacturer in the world, and the company is keen to emphasise the “landmark” nature of the results of the tests by Auto Bild, Europe’s largest automobile magazine. Eight all-season-products from various makers were tested on a VW Golf with the dimensions 195/65 R 15 T/H/V. The Optimo 4S (standing for four seasons), was – according to Auto Bild’’s editor – the only tested tyre “that outperforms in any kind of weather”. He also praised its “dynamic handling quality on snow-covered roads as well as short braking distances on wet as well as dry courses,” making the tyre one of only two to receive the magazine’s “exemplary” rating.
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.
Neil Smith’s vigilance in taking care of his car has paid dividends after the Southampton man won 40-inch TV courtesy of Hankook. A trip to Southampton Tyre and Auto Centre, and subsequent prize, couldn’t have been better timed for Neil and his wife Brenda who have been considering an upgrade for some time. Nick Ripley from Southampton Tyre and Auto Centre in Burgess Road said he was delighted to hand over the final prize in the summer promotion: “The Hankook promotion has been a great way to encourage more motorists to have their tyres checked and it was great to have one of the three summer winners.”
Korean news sources report that an investigation has begun into allegations of stock manipulation brought against Hankook Tire executive vice president Cho Hyun-bum. According to the Korea Times and Chosun Ilbo news, the son-in-law of South Korean president Lee Myung-bak is being secretly investigated as part of a larger stock market ‘manipulation racket’ that allegedly involves the younger generation of a number of prominent South Korean ‘chaebol’ business families.
Hankook Tire America has released the Hankook AL07+, a long-haul steer radial. “Hankook’s AL07+ is truly a great innovation for truckers everywhere,” said Brian Sheehey, Hankook’s commercial tires director. “We’ve been able to utilize a number of new technologies that Hankook has developed during the past couple of years to create the best commercial tire on the market. Fleet owners will see a significant increase in durability, performance and fuel efficiency by using this tire.”
The AL07+ features Hankook’s new Innovative Mixing System (IMS), which the company said “reinforces a stronger bond of the materials and generates lower heat – characteristics improve tire life.” The four-rib tire also features a decoupling groove to fight irregular wear, and a contour controlled profile for even wear, Hankook said. (Tire Review/Akron)
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