Michelin Increases Stake in Hankook
Michelin has increased its financial stake in Hankook, purchasing an additional two million shares – equivalent to 1.3 per cent of the Korean manufacturer’s share capital – for US$26 million.
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Hankook’s New Tyre ‘Loads Better’
Product NewsHankook Tyre UK will unveil a new tyre – the 295/60 R22.5 AL02 – at this year’s Commercial Vehicle show. The company claims its latest product will prove of immense benefit to the vehicle logistics industry.
Hankook was contacted by a senior fleet engineer for a major vehicle logistics company, who was looking for a solution to a tyre-related problem. Like most logistics companies operating in Europe, his fleet was fitted with 295/60 R22.5 tyres on the three trailer axles in order to reduce vehicle height, which aids loading and unloading, as well as making the vehicle more stable.
SJR Hankook Rally Team Gears up for Rally Action
Product NewsA successful tyre and chassis test has given the SJR Hankook rally team a major boost ahead of a hectic fortnight for the team. Drivers Gwyndaf Evans and Stuart Jones put the team’s Mitsubishi Evos through their paces in Wales as final preparations get underway for a series of events.
On Sunday 19 March the team will be at Mallory Park in Leicestershire for BRC Live – the official launch of the Tesco 99 Octane MSA British Rally Championship. As soon as the event closes the team heads directly to Spain where young hot shot Stuart Jones and co-driver Craig Parry, will be competing in the Rallye Catalunya – the Spanish round of the World Rally Championship.
Hankook Signs With Drift Team
Product News(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.”
Hankook to Supply VW With 540,000 Tyres Annually
Product NewsHankook 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).
Hankook Execs Predict Slow Tyre Market for 2006
Product NewsHankook 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.
Hankook Announces Autosport International Plans
Product NewsHankook 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.
Hankook Has Net Gains Despite Cost Increases
Product News(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.
Hankook Launches Numerous Tyres at SEMA
Product News(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.
Hankook Opts for Hungary
Product NewsHankook 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.
Hankook Tire Selects Hungary as ‘Preferred Site’
Product NewsHankook 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.
Hankook in Talks with Hungary on New Tyre Plant
Product News(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.
Hankook to Re-select European Plant Site
Product NewsHankook 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.
Hankook and Hamann Forge Agreement
Product NewsHankook 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.
Hankook Still Talking in Slovakia
Product News(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.
