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Former BRC Champion Higgins Riding Hankook to Victory in China

Hankook Tyres has contributed to the 2007 success of former British Rally Champion David Higgins, who has been blitzing the opposition in China. The Welsh-based driver and co-driver Leuan Thomas won the first two rounds of this year’s Chinese Rally Championship – and praised the performance of their vehicle’s Hankook tyres.

“This was my first international win on tarmac and the tyres played a huge role in this success,” said Higgins. “It was one of the most demanding rallies for tyres with long corners into more long corners so finding the right compound was extremely important.” Higgins and Thomas were fastest on all but two of the high-speed tests with their TQ Education Mitsubishi Lancer Evo 9, and their puts the WY team firmly at the top of the points table.

13th July 2007/by Tyrepress Editors

Hankook to Raise US Prices

(Akron/Tire Review) Hankook Tire America Corp. announced a price increase of up to 7 per cent on its full line of passenger, high performance and light truck tyres. Increases will vary by product line and size and take effect July 16.

Hankook said the increases reflect rising raw materials costs, particularly petroleum products, as well as higher transportation and general operating expenses. The tyremaker also mentioned that changes in China VAT regulations are factors in the increase.

29th June 2007/by Tyrepress Editors

Change in Chinese Export Rules May Lead to More Tyre Price Increases

(Akron/Tire Review) Effective July 1, the Chinese government will reduce, and in some cases eliminate, VAT (value-added tax) refund rates given to companies exporting certain goods out of China. More than 2,800 product classifications – including rubber, steel and carbon – will be affected by the reductions, the third change in refund rates since 2005.

China is making these changes to address overwhelming export growth and attempt to manage its trade surplus. Traditionally, export VAT refunds have kept export prices low for tyremakers and tyre- and wheel-component suppliers exporting out of China. According to an Ernst & Young report released June 20, “any change to a VAT refund rate will impact the prices charged on export goods as well as the profitability of exporters.”

29th June 2007/by Tyrepress Editors

Home Away From Home

Less than a year after a ground-breaking ceremony was held at the Dunaujvaros Industrial park in central Hungary, Hankook Tire celebrated the official commencement of production at its first European factory. To mark this momentous occasion the very first tyre, an Optimo K715, made its way through the 56 hectare plant’s assembly and vulcanisation facilities, and upon completion a small ceremony was held in which this first tyre was signed by the company’s global CEO Seung Hwa Suh, the Hungarian Minister of Economy and Transport Janos Koka together with Eom Seock Jeong, the Korean Ambassador to Hungary.

“We are very glad to be welcomed by the Hungarian government, by the people of Dunaujvaros and the whole region”, said Mr. Suh. “From the start of this project in late 2005 to the production of our first tyre made by Europeans for Europeans, Hankook Tire has been in the safe and reliable hands of our Hungarian partners. We owe a debt of gratitude to the support we have received from both the Hungarian government and from the warm and generous welcome of the people of Dunaujvaros to everyone from the Hankook Tire family.”

28th June 2007/by Tyrepress Editors

Hankook’s New European Plant Up and Running

June 26 is to be a red-letter day in the history of Hankook in Europe, as this is the day the company has chosen to officially commence production at its new £340 million facility in Dunaujvaros, Hungary. The 54-hectare site south of the capital Budapest has been set up to manufacture UHP tyres for the European market, and when full production is reached in 2010 a total of 10 million tyres will be produced each year.

The new facility in Hungary will be instrumental in Hankook’s plans to increase its European market share to 8 per cent by 2010. At present 35 per cent of the company’s global export revenues are generated in Europe, Hankook’s largest export market.

25th June 2007/by Tyrepress Editors

Team Hankook Comes 3rd/4th at Nürburgring 24 Hour Race

Team “Hankook H&R Special Springs” from Alzen Motorsport, driving a Porsche Cayman-based Racing-Coupé, finished 4th out of 230 cars (157 finishers) at the 24-hour race at Nürburgring (Germany) in front of 200,000 spectators. At the event, a major fixture on the international motor racing calendar and one that is watched closely by the global automotive industry, Hankook Tire hosted more than 200 partners and guests from all over Europe in its lounge. They were welcomed by the Hankook Group’s CTO & CPO, Hwi-Joong Kim. He was accompanied by Hankook’s CMO Hyun-Shick Cho, the CSO & CFO Hyun-Bum Cho, along with the head of the European Hankook operations, Seung-Do Jin, to celebrate the upcoming opening of its new, 500 million euros production facility in Hungary, Hankook’s first in Europe, later this month.

13th June 2007/by Tyrepress Editors

Hankook Aiming for Doubled Euro Sales by 2010

With the opening of Hankook Tire’s £340 million facility in Dunaujvaros, Hungary scheduled for June, the South Korean manufacturer’s goal of doubling its European market share to 8 per cent by 2010 looks on track. By the end of this three-year timeframe the new factory will have an expected capacity of 10 million units. During this same period Hankook plans to increase global output from 69 million to 80 million units, and the company has previously stated that its longer-term goal is 100 million units a year.

Hankook is the fastest growing of the world’s top 11 tyremakers, with sales increasing by 20 per cent annually. Furthermore, it reportedly enjoys the industry’s highest profitability, with average operating profit margins exceeding 10 per cent. And as Hankook’s largest export market, Europe is naturally very important to the tyremaker – a fact confirmed when the company referred to Europe as their “second domestic market” earlier in the year. A total of 35 per cent of the company’s export revenue (which in turn is 70 per cent of total revenue) comes from European sales.

29th May 2007/by Tyrepress Editors

Hankook Marks China Milestone

Mid-May saw Hankook Tire reach an important milestone, with the company celebrating the 10th anniversary of the opening of its Huai’an factory in China’s Jiangsu Province. Government officials, including Mr. Ding Jieming, Part Secretary of Huaian government, Jiangsu province and Mr. fan Jinglong, Mayor of Huaian joined senior Hankook officials including company CEO Mr. Seung Hwa Suh in commemorating the occasion.

“Hankook Tire has experienced rapid growth,” stated Seung Hwa Suh during the ceremony. “We have recently celebrated the No. 100 million tyre off the production line and have sustained the top position in China’s market, which has helped Hankook Tire to build a solid foundation for ranking the 7th in the global market, and to lay down a solid foundation for the further high speed growth in China market.” Since first establishing a Chinese market presence in 1996 the company has established two factories, in Jiaxing, Zhejiang Province and Huai’an Jiangsu Province. Production capacity at these two plants now stands at 28 million tyres per year.

24th May 2007/by Tyrepress Editors

Advanced ID to Purchase Pneu-Logic

A company press statement released on May 15 indicates that US supplier of UHF tag reading equipment Advanced ID Corporation is preparing to purchase Pneu-Logic Ltd, the Derbyshire-based provider of tyre industry technology. According to the statement, the chairman of Advance ID, Seymour Kazimirski, and George Yeomans, chairman of Pneu-Logic, signed a letter of intent for Pneu-Logic’s acquisition following the decision previously gaining the board of directors’ unanimous approval.

“This was an easy decision for both companies,” commented Dan Finch, president and CEO of Advanced ID. “Pneu Logic has superior technology for tyre management and Advanced ID is the leader in tyre identification. By combining our technologies, we are able to offer a complete system solution for tyre and fleet management. Pneu Logic has been in business for three years with a 100 per cent focus on tyre inspection. Their client base includes major tyre manufacturers and fleet operators and the success specifically in the European market is a testament for the value of their product line. Pneu-Logic’s product line has patent protection and design IP. We have already started joint marketing efforts, which have led to new business opportunities. You could not ask for better synergy between two companies. There is no question that our combined company will be the undisputed leader in tyre management focused on tyre maintenance and tyre identification.”

21st May 2007/by Tyrepress Editors

Hankook Europe appoints new PR manager

Hankook has appointed a new head of public relations for its European markets. Effective as of May 1, 2007, Felix Kinzer stepped into this role, taking over from Benedikt Preussner, who will now take charge of European media and event planning for Hankook Europe.

Mr. Kinzer, aged 44, has served in a number of public relations roles within the tyre industry for more than 15 years, most recently heading up his own press office in Munich, from which he supplied automotive related articles to various car and tyre magazines. Previous industry positions include head of the public relations department at Pirelli Germany and public relations manager for Bridgestone’s German operations.

Amongst other responsibilities, Mr. Kinzer will be responsible for the expansion and strategic positioning of Hankook’s pan-European press activities, a role of particular importance in light of the upcoming inauguration of the company’s Dunaujvaros production facility in Hungary, Hankook’s first in Europe.

14th May 2007/by Tyrepress Editors

Lanxess Signs Long-Term Contract with Hankook

Lanxess AG has announced that its Polybutadiene Rubber business unit has signed a five-year supply contract with South Korean tyre manufacturer Hankook Tire. According to the AFX news agency, no financial details were disclosed. Lanxess’s Polybutadiene Rubber business unit is part of the company’s Performance Rubber segment, which reported sales of 1.776 billion euros in 2006.

9th May 2007/by Tyrepress Editors

Hankook’s T-station Enters China

Hankook has opened the first of its T-station centres outside of Korea. In mid-April the company announced the opening of a company-owned branch of Hankook’s one-stop automotive aftermarket service shop chain in the Chinese city of Shanghai, the first of many T-station centres the company plans to launch in China. Currently five distributors from various parts of the country have applied for franchises, and Hankook predicts that it will open 300 franchised centres in the next five years, as well as other company owned centres.

China is the first market outside of South Korea in which the T-station concept has been launched. The chain has been operating in its home market for almost three years, and at present some 100 franchised T-station centres – with equipment leased from Hankook – are operating within South Korea.

9th May 2007/by Tyrepress Editors

New European Head for Hankook

On May 2 Hankook Tire announced the appointment of Mr. Seung Do Jin, currently executive vice president of the company’s Korea Headquarters in Seoul, to the position of head of Europe Headquarters. Mr. Seung Do Jin, who has been credited with improving and expanding Hankook’s distribution channels within his home country, officially took over the position on May 8. Mr. Seung Do Jin takes over the role from Mr. Seung Hwa Suh who recently became the company’s global CEO.

Mr. Seung Do Jin played an important role in expanding Hankook’s distribution channels through the establishment of more than a hundred automotive aftermarket service shops, known as T-Stations, and in March 2006 he assumed the role of executive vice president at the company’s Korean headquarters. He also served as the managing director of Hankook Tyre UK between 1997 and 2004.

9th May 2007/by Tyrepress Editors

Tech Chief Named to Hankook Board

(Akron/Tire Review) Hwi Joong Kim, Hankook Tire Co.’s chief technology officer and chief production officer, has been named to that company’s board of directors. The appointment was made March 16, according to the company.

Kim’s appointment to the board, according to Hankook, “will streamline the decision making process at Hankook.” Kim has been with Hankook since 1970.

“Technological innovation has been a cornerstone in fueling the profitability of our company and enhancing the reputation of the quality of our products,” said Kim. “This is a natural progression to further enhance the role of technology and product quality, critical in the competitive global automotive industry.”

21st March 2007/by Tyrepress Editors

Pirelli to Raise US Prices

The cost of Pirelli passenger car and light truck tyres in the US will rise as of April 2007. Pirelli Tire North America has indicated its intention of increasing the price of its passenger car tyre range by up to six per cent, while prices light truck tyres will rise by up to nine per cent. The amount of increase will vary according to product line and/or tyre size.

Pirelli state that the latest increases are the result of escalating raw material and energy costs. The company’s decision to raise prices comes less than a week after both Goodyear and Hankook released details of similar price increases for North American consumers.

14th March 2007/by Tyrepress Editors