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Hankook US Prices Rising up to 10%

As of October 1, prices for Hankook Tire products in the US will increase by up to 10 per cent. The new price structure will apply to the company’s full range of passenger car, light commercial and truck tyres.

“While our company continues to make every effort to control manufacturing and distribution costs without compromising service to our customers, the unprecedented increases in the costs of raw materials and energy make this announcement necessary,” stated Bill Bainbridge, Hankook’s director of brand communications. He added that the company’s price increases are consistent with price rises announced recently by other major tyre manufacturers marketing their products in the US.

21st August 2008/by Tyrepress Editors

Hankook Australia Launches New Website

Hankook Tyre Australia has launched a refreshed and revamped website in an effort to regenerate the company’s brand in the domestic market.

José Angeles, the associate marketing manager of Hankook Tyre Australia stated that “The renewed Australian website incorporates key visuals, structure and localised content consistent with the global website… This website is a user-friendly experience suitable for anyone, be they a young racer searching for the latest street-legal performance tyres or an elderly couple looking for the closest Hankook dealer.”

21st August 2008/by Tyrepress Editors

Hankook Puts Harris in the Picture

Hankook has given away another 40-inch TV as part of its summer promotion offering motorists a free tyre check at dealerships in the south. Prize-winner Mark Harris commented: “I’m just delighted to have been picked as a winner,” said Mark who collected his prize from Tyreland in Southampton just in time for the Olympics. “I had my tyres checked and had forgotten about the competition but it’s a great prize.”

19th August 2008/by Tyrepress Editors

Hankook Points to Tyre Tests to Confirm Rolling Resistance Qualities

The latest 18-inch UHP wide-base tyre test published in Germany’s leading automotive consumer magazine “Auto Bild” shows that paying attention to rolling resistance does not necessarily have to come attached to an unacceptable sacrifice in the areas of handling or braking. Hankook in particular is pleased with the results of this test, having not only achieved an overall “good” test result, but also coming out ahead of its competitors in the rolling resistance category. At the same time the experts testing the tyres attested that the braking performance of Hankook’s new UHP wide-base tyres was excellent both in dry and wet road conditions. In addition, the Ventus V12 evo also impressed the testers with its noise level on rough roads, something that has generally been a problem with wide-base tyres, but is becoming increasingly important because of reported health dangers stemming from the considerable noise created by road traffic. The test was carried out using 225/40 R18tyres fitted to the latest version of the Mercedes-Benz C class.

18th August 2008/by Tyrepress Editors

Dunlop Tops Tire Rack Test

In a new evaluation of summer performance tires by Tire Rack, the Dunlop Direzza Sport Z1 Star Spec topped the Bridgestone Potenza RE-01R, Yokohama Advan Neova AD07 and Hankook Ventus R-S2 Z212 tires, Goodyear claimed. The tyres, in size 225/45R17, were tested on a 2008 BMW 335i coupe, according to Goodyear. Matt Neidert, Dunlop brand performance manager, said, “Tire Rack’s recent test results, combined with several SCCA Solo National Tour victories in 2008, validate the performance capabilities of the new ‘Star Spec’ tread compound, which helps initial dry grip during sanctioned amateur driving events.”

14th August 2008/by Tyrepress Editors

Hankook and Kumho Resume Tyre Supply to GM Daewoo

South Korean vehicle manufacturer GM Daewoo Automotive and Technology recommenced production at is Bupyeong facility on July 22 following the resumption of its tyre supply. According to a GM official, “Hankook Tire and Kumho Tire resumed their supplies from this afternoon. Both tyre makers told GM Daewoo that they accepted an order by the court to not suspend tyre supply.”

22nd July 2008/by Tyrepress Editors

Pricing Clash Halts Korean Plant Production

GM Daewoo, the third largest auto manufacturer in South Korea, has released a statement to news sources saying that the company has stopped auto production at its Bupyeong manufacturing plant after OE tyre suppliers halted shipments to the factory. Hankook and Kumho, who between them provide over 85 per cent of the tyres fitted to vehicles at the GM Daewoo facility, have suspended supplies in a dispute over tyre prices.

The two tyre manufacturers have been requesting a hike in tyre prices of 12 per cent in the wake of soaring production costs. According to sources within the industry, GM Daewoo has agreed in theory to a price rise, but does not accept the figure placed on the rise by the manufacturers. However, Hankook’s spokesman has stated that “GM Daewoo refuses to negotiate and told us to withdraw the request.”

18th July 2008/by Tyrepress Editors

Hankook Gives Away 40-inch TV

Jules Crawford is looking forward to a clearer picture ahead after winning a brand new LCD TV courtesy of Hankook. Crawford who lives in Downton won the 40-inch TV as part of a summer promotion from the tyre giant which is also offering motorists a free tyre check.

“I’m thrilled winning the television,’’ said Jules who collected her prize from Downton Tyre and Autocare. “It was a real surprise to find I had been picked out after I had my tyres checked.’’

14th July 2008/by Tyrepress Editors

Hankook Announces Increased Environmental Technology Spending

Korea’s Hankook Tire has released details of its plans for an annual total of “at least 12.5 million euros” research and development spending on eco-friendly technology in the coming years. The company noted the industry trend towards decreased rolling resistance and fuel consumption as key concepts to be investigated using the money, while ensuring the sustainability of the manufacturing operation will also take up a key position in the ongoing research.

The announcement, prompted by the current climate of environmental awareness, is set to more than treble Hankook’s current fund for eco-conscious research, with the figure boosted to 0.5 per cent of the manufacturer’s global annual revenue – an increase of 350 per cent. Reportedly the world’s “fastest growing tyre manufacturer”, the firm’s commitment to R&D in this sector is designed to meet the growing demand of the market for ever-greater levels of environmental friendliness.

23rd June 2008/by Tyrepress Editors

Analysts: Michelin Aiming for 10% of Hankook

Deutsche Bank analysts have characterised Michelin’s option to buy a 10 per cent shareholding in Hankook as a “goal” and added that they expect “more concentration in the future for the tyre industry.” The fact that Michelin’s decision to increase its stockholding in Hankook only a month after Bridgestone bought 8.7 per cent of Toyo Tire & Rubber was certainly not lost on the market watchers. “A tie-up with a competitor [like Hankook] should get them: Better OE prices – The industry has been so far incapable of fully passing off raw material price increases; Economies of scale on purchasing; and a geographical advantage (Hankook being very strong in China),” the analysts surmised, concluding: “It might take time before they can duplicate a Renault/Nissan type alliance, especially as we do not know how strong if any, the relationship between Michelin and the Cho family (controlling 35 per cent of Hankook) is.”

20th June 2008/by Tyrepress Editors

Hankook Stock Falls after Michelin Takeover Rumours

Hankook Tire Co., share price corrected today after the price soared yesterday on the back of speculation that Michelin was gearing up for a takeover. Speaking to Tyres & Accessories and other news sources, Michelin denied this and Hankook’s share price today fell 5.2 per cent to 15,450 won after a 12 per cent gain yesterday. According to Bloomberg, the stock has dropped 14 per cent this year, compared with an 8.2 per cent decline in South Korea’s Kospi index. “Investors are selling Hankook Tire shares because they realize the chance of a takeover is very low,” Seoul-based Bookook Securities analyst Ahn Joong Hoon told Bloomberg. He continues to rate the stock as “buy.”

19th June 2008/by Tyrepress Editors

A New Breed?

It has both the M+S mark and the Snowflake, but its rolling resistance is said to be comparable with a summer tyre. It reportedly has the slush grip of a premium winter tyre, but weighs 700 grams less and is quieter. No it’s not a riddle, I am of course referring to the new Optimo 4S, a tyre that manufacturer Hankook is promoting as the first in the next generation of all-season tyres.

Hankook’s decision to place the Optimo 4S centre stage on the company’s large Essen show stand (situated right opposite the entrance to Hall 3) is particularly resonant in light of the difficulties the winter/cold weather tyre market has been facing in supposedly safe ‘winter’ markets like Germany. From the talk going round Essen it was clear around 7 million of last winter’s unsold cold weather tyres were still floating around the German market in May. Could that be why Hankook decided to promote the all-season tyre, its hybrid silica compound and its built in ice/snow/slush/rain performance properties?

19th June 2008/by Tyrepress Editors

Michelin Raises its Hankook Stake to 8.9%

Michelin has increased its shareholding in South Korean tyre manufacturer Hankook Tire to 8.9 per cent up 2.6 points from the stake it bought in 2006. A Michelin spokesperson told Tyres & Accessories the company would not comment on whether it plans to increase the stake again, but did say the move falls within the boundaries of Michelin and Hankook’s 2003 cooperation agreement. T&A understands that this agreement would allow Michelin to own up to 10 per cent of Hankook’s total capital. Hankook shares rocketed 15 per cent in response to the news before adjusting to a daily value increase of 12.4 per cent. Michelin’s stock, on the other hand, fell 2.2 per cent following the announcement.

18th June 2008/by Tyrepress Editors

Hankook Introduces AW01 All Position Winter Tyre

Hankook has applied the company’s SCCT (Stiffness Control Contour Theory) design technology to its latest range of cold weather commercial vehicle tyres. The new line-up, named the AW01, is a studless all position product that Hankook reports offers excellent traction and powerful grip capabilities on snowy and icy roads.

Featuring a wide tread and block shaped tread elements intended to enhance traction, Hankook adds the AW01 uses its optimised design to ensure more stable driving under snowy road conditions, and lateral wavy sides provide grip performance throughout the life of the tyre. The AW01 also features a stepped shoulder rib, designed to deliver confident steering performance in winter.

12th June 2008/by Tyrepress Editors

Donnell & Ellis Plump for ATS Euromaster

Omagh-based Donnell & Ellis Heavy Haulage have signed a contract to make ATS Euromaster the company’s sole tyre service provider.

The contract, said to be worth close to £100,000 per year, is aimed at providing the company with proactive tyre management as a measure against unexpected vehicle downtime. In addition, the agreement sees a fleet-wide change of preferred brand; ATSE are fitting Michelin tyres on its 30 Scania tractor units, and Hankook tyres on 60 specialist trailers, some of which have a payload capacity of up to 200 tonnes.

5th June 2008/by Tyrepress Editors