Hankook Tire America is raising prices by up to 7 per cent on its entire range of passenger, high performance, and light commercial tyres. The increases will take effect April 1st, 2007.
The exact amount will vary depending on product line and/or size. The company said the price increases reflect rising costs in raw materials, particularly petroleum products and natural rubber, as well as higher costs in transportation and general operating expenses.
(Akron/Tire Review) Yonhap news service reported that Hankook Tire Co. plans to increase tyre shipments to Ford Motor Co. next year. The report said Hankook will boost OE shipments to Ford by about 150,000 units.
With Hankook’s 105,000 square metre production facility in Hungary complete and ready to commence production, the Korean tyremaker is already looking ahead to the day when its global production will reach 100 million tyres a year.
Hankook Tire has announced the appointment of the company’s current President and COO of Hankook Tire Europe, Mr. Seung Hwa Suh, to the position of Global CEO. Mr. Suh, the person Hankook accredits as the driving force behind its new production facility in Hungary, officially took on his new role on March 5.
Korean tyremaker Hankook, who in a company news release referred to Europe as their “second domestic market,” are preparing their new factory in Hungary for the start of production. The plant in Dunaujvaros, Hungary, which according to the company cost US$500 million (£255 million), is located on a 54-hectare site 68km south of Budapest and when operational will provide output for the European UHP tyre market.
Hankook Tire Co., South Korea’s largest tiremaker, announced on February 23 its intention to spend 235 billion won (£130 million) building a new South Korean factory. The new tyre plant will be located at Geumsan, 198 kilometres south of Seoul, where the company has an existing plant with an annual capacity of 15 million units.
At present Hankook operates four tyre manufacturing facilities, two in South Korea and two in China. A fifth factory in Hungary is scheduled to enter production this spring.
The top three GRC-registered finishers running on Hankook tyres on this weekend’s Rallye Sunseeker will be rewarded with free tyres from the championship sponsor. Hankook motorsports manager Mike Patterson said the company was kicking off its sponsorship of the Gravel Rally Championship with news that the top registered finisher running on its tyres will get six free tyres, second will receive four tyres and the third placed finisher running on Hankooks will receive two free tyres.
Hankook Tire Co has stated it is aiming to boost its operating profit margin to 9.4 per cent this year, up from last year’s 8.4 per cent, despite intense competition within the industry. In a company memo, Hankook CEO Cho Choong-Hwan said that although the company had been through a time of oversupply and rising raw material costs, “there are huge opportunities, however, for well positioned and competitive tyre manufacturers as natural rubber prices are stabilising, and consumption in Europe is beginning to recover.”
The CEO of Hankook Tire, Choong Hwan Cho, has announced the company’s global sales target for 2007 is $US3.6 billion, a significant increase on last year’s realised US$2,5 billion. Hankook are also targeting an operating profit of US$340 million and a recurring profit of US$282 million.
(Akron/Tire Review – Korean Times) Korean tyre makers are going global and setting up operations overseas – Hankook Tire is constructing a factory in Hungary, Kumho in Vietnam and Nexen in Qingdao, China.
(Akron/Tire Review) South Korean tiremaker Hankook Ltd. said it may be able to complete the first phase of the construction of its new 92,000-square metre plant in Dunaújváros, Hungary, by the end of March. The majority of the workforce has already been hired, and training has begun, Hankook said.
Hankook Tire Co., South Korea’s largest tyremaker, posted a 22 per cent drop in full-year profit, citing higher materials costs and a stronger South Korean won as the primary reasons.
Global tyre major Hankook is throwing its weight behind the Volkswagen Racing Cup for the second year running, acting as a principal sponsor for the manufacturer-backed saloon racing series. The Volkswagen Racing Cup, now in its seventh season, is arguably one of the most successful championships of its type in the UK.
Hankook Tire Co., Ltd have released details of a safety related defect present in certain Aurora brand medium duty truck tyres. The affected tyres were manufactured between March 1 and September 5, 2006 at Hankook’s factory in Jiangsu, China, and the company has issued a recall of the 7,890 affected tyres.
Hankook reports that the tyres in question meet official standards but did not completely meet the company’s own endurance criteria. Therefore it was judged that the tyre may become prematurely unserviceable if exposed to extreme conditions of use or abuse.
Recalled tyres will be replaced free of charge until June 30, 2007, at which date a partial credit dependant on remaining tread depth will be given. Further details of the recall can be found on Hankook’s Aurora brand website www.auroratireusa.com.
South Korean tyremaking giant Hankook have announced details of an agreement to supply its tyres to Audi as of mid 2007. The agreement signed with the German manufacturer will see Hankook’s high performance Ventus S1 Evo tyres fitted to the Chinese market Audi A4 and A6L, the long wheelbase version of the A6 starting in June.
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