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Hankook Signs With Drift Team

(Akron/Tire Review) Hankook Tire America Corp. is now the official sponsor of the Kaaz USA Motorsports Competition Drift Team for 2006. Kaaz USA Team cars competing in Formula Drift and D1 events and exhibitions will use Hankook Ventus RS2 Z212 performance tyres. “Drifting is one of the fastest-growing automotive competitive events in the world,” said Bill Bainbridge, Hankook’s marketing director. “We’re excited to be partnered with Kaaz USA and their stable of some of the top drivers in the sport. We expect great things from our sponsorship in terms of brand awareness with sport compact enthusiasts and showcasing the performance of our Ventus line of ultra-high performance tyres.”

21st February 2006/by Tyrepress Editors

Hankook to Supply VW With 540,000 Tyres Annually

Hankook Tire Co has closed a deal with Volkswagen to supply 440,000 tyres per year for the German manufacturer’s Golf and Bora models. The tyres will be fitted the fifth-generation Golf and will be sold in Europe from 9 February. In addition, the manufacturer will also provide 100,000 tyres a year for Volkswagen’s Bora model.

The deal will take Hankook’s overseas annual shipments for finished cars to $150 million – 12 per cent of its total export volume. Hankook sees the OE contract as a strategic move that will enable it to enhance its share of the European replacement market. Both the Bora and Golf will be fitted with Ventus Prime K105 (205/55R 16) and the Optimo K406 (195/65R 15).

9th February 2006/by Tyrepress Editors

Hankook Execs Predict Slow Tyre Market for 2006

Hankook Tire Co Ltd expects a difficult global market this year due to higher raw material costs and oversupply, a senior company executive told Reuters.

Hankook, which exports up to 70 per cent of what it produces, has also been under pressure from a softer euro against the dollar, which cuts profits for exporters to the region.

5th January 2006/by Tyrepress Editors

Hankook Announces Autosport International Plans

Hankook is set to unveil a raft of motorsport plans at Autosport International in January, building on its successful rallying programme this year. Motorsport manager Mike Patterson said the company, which has its UK headquarters in Daventry, is currently finalising plans to support both race and rally programmes for 2006.

12th December 2005/by Tyrepress Editors

Hankook Has Net Gains Despite Cost Increases

(Akron/Tire Review) Hankook Tire Co saw profits increase 16 per cent in the third quarter, reaching $51 million against sales that rose 7 per cent to about $450 million. The South Korean tyremaker said the results were due to increased sales to automakers and price increases.

“Sales rose as Hankook raised prices of tyres in the US two times this year and once in Europe,” said Suh Min Chul, assistant manager of Hankook’s investor relations department. Hankook Tire, he noted, paid 11 per cent to 15 per cent more for raw materials compared to previous periods.

9th November 2005/by Tyrepress Editors

Hankook Launches Numerous Tyres at SEMA

(Akron/Tire Review) Hankook Tire America Corp unveiled a host of innovative tyre products and its new model at the SEMA Show last week.

Among the new tyres on display was the Dynapro MT RT03, the latest addition to Hankook’s off-road and light truck tyre line. The Dynapro MT RT03 features a V-shaped center block to firmly grip the road surface for added traction and better handling, as well as a side protection block that protects against the shock of foreign objects and pothole damage while improving traction in mud and soft terrain. The Dynapro MT RT03 will be available in sizes ranging from 15 to 22 inches.

8th November 2005/by Tyrepress Editors

Hankook Opts for Hungary

Hankook Tire Co said yesterday it will build a 500 million euro manufacturing plant in Dunaujvaros, Hungary, 68 kilometres south of Budapest. The European plant is expected to begin tyre production in the second half of 2007, the Korea Herald has reported. Te news comes following the collapse of a similar deal with Slovakia, which fell apart because of disagreements about government subsidies.

Before the Hungarian deal was finalised, local news sources had described the Hungary incentive package offered to Hankook Tire Co as a state secret. However, the reports said incentives include direct and indirect subsidies, tax breaks, training opportunities and infrastructure, amounts to no more than about 10 per cent of the total investment value.

31st October 2005/by Tyrepress Editors

Hankook Tire Selects Hungary as ‘Preferred Site’

Hankook Tire’s board of directors has approved the selection of Hungary as a preferred site for its proposed 500 million euro plant, the AFX news agency has reported. According to the report, Hankook has formed a local unit — tentatively named Hankook Tire Hungary Ltd — to conduct talks with the Hungarian government.

The unit is said to have a capital base of 14.9 million won. “If the talks are going well, then we can expect to announce the result in early November,” a Hankook Tire spokesman said. The news follows Slovakia’s refusal of incentives worth 110 million euros.

25th October 2005/by Tyrepress Editors

Hankook in Talks with Hungary on New Tyre Plant

(Akron/Tire Review) Hankook has reportedly conducted talks with Hungarian Economic Minister János Kóka on potentially locating its new Eastern European plant there. The report is according to a daily newspaper in Hungary. Earlier this year, Hankook announced its plans to spend $650 million on an Eastern European plant capable of producing five million tires annually. The tyremaker had picked Slovakia as the site, but negotiations have since been hampered due to disagreements over the government’s incentive package. Korean news reports have stated that Hankook will announce the intended location of its new plant by November. Production is slated to begin in 2007.

19th October 2005/by Tyrepress Editors

Hankook to Re-select European Plant Site

Hankook Tire Co, says it will select a new site for its proposed European plant by November, and is aiming to break ground next spring. According to Asian news sources, Hankook’s chief executive Cho Choong-hwan reiterated the plan to begin European production in 2007 during his speech at an international automotive industry forum, stressing the strategic importance of the European market.

18th October 2005/by Tyrepress Editors

Hankook and Hamann Forge Agreement

Hankook Tire Co has signed alliance agreement with German tuning company, Hamann Motorsport, company officials have reported. Under the deal, Hankook Tire will cooperate with Hamann Motorsport in promoting their brand recognition and carrying out joint promotional activities, the Asia Pulse agency has reported.

13th September 2005/by Tyrepress Editors

Hankook Still Talking in Slovakia

(Akron/Tire Review) News reports indicate that Slovakia is still negotiating with South Korean manufacturer Hankook Tire Co for a 500 million euro plant near Levice. Acting Slovakia Economy Ministry spokesman Peter Papanek told newswire TASR that negotiations were on-going. “The Hankook investment is still very important for Slovakia. The Slovak Investment and Trade Development Agency (SARIO) is still holding talks on this investment,” Papanek said in published reports.

The country is now offering an incentive package that is 70 per cent lower than its original offering of some 110 million euros. Slovakia’s cabinet rejected an investment plan with Hankook in early July. That plan allowed for state investment for infrastructure improvements worth 21 per cent of Hankook’s planned investment. Hankook said that it would not accept the lowering of investment stimuli from 21 per cent to 19 per cent, and restarted talks with other Eastern European nations.

7th September 2005/by Tyrepress Editors

Hankook Loses Important Patron in Slovakia

The fall of Slovakian economic minister Pavol Rusko has cast doubt on Hankook’s plan to invest 500 million euros into a new tyre factory. The so-called “enfant terrible” of the government in Bratislava always supported Hankook’s strategy and even offered public subsidies of up to 20 per cent of the overall investment, despite the criticism he received over this commitment.

Just one day before Rusko was sacked by the Slovakian president, the prime minister Mikuláš Dzurinda advised his minister to resign amongst allegations of “non-transparent credit transactions”, said a German media report. According to Slovakian analysts, it is likely that the policy of decreasing these incentives for foreign direct investments will continue under a new economic minister. Therefore, the Hankook deal does not appear to have a future. A decision was said to be due by 31 August.

25th August 2005/by Tyrepress Editors

Hankook Gains Saturn OE Spot

(Akron/Tire Review) Hankook Tire Corp. has earned an optional equipment position on the 2006 Saturn Ion. The South Korea tyre manufacturer will supply Hankook H725A tyres in size P205/55R16H to GM for the vehicle. Hankook CEO Choong-hwan Cho said the new OE contract “has not only brought recognition of Hankook Tire’s technology within the advanced auto market, but will also result in a significant boost to exports and overseas brand recognition.”

The new deal with GM pushes Hankook’s non-domestic OE business past $100 million annually, the company said. Hankook currently supplies tyres to Ford, Volkswagen, Renault, Daihatsu and Mitsubishi, among others. Hankook’s overseas OE business will rise to 10 per cent of its total exports, the company said.

16th August 2005/by Tyrepress Editors

Hankook at the Bary Rally

Hankook Tyres recently participated in the 2005 Swansea Bay Rally. The annual event is made up of nine major championships including the MSA Gravel National Rally Championship, Mitsubishi Ralliart Evolution Challenge, Peugeot Total 206 Super Cup and of course Hankook 205 Challenge. For competitors of the Hankook 205 Challenge, this is the highlight of the season as they take on some of the most challenging WRC stages of Rally GB.

This year Chris Bayliss and co-driver Mark Mason took their second Hankook 205 Challenge win of the year at the Swansea Bay Rally. In stark contrast to last year’s event, which was dominated by one crew, Bayliss/Mason were part of a tight four-way battle for the lead, eventually taking the spoils by 1.1 seconds from Ian Winstanley / Neil Bye, with Rob Wilson / Dylan Jenkins third, nine seconds in arrears.

16th August 2005/by Tyrepress Editors