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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

World stage for launch of Hankook Motorsports at Wales Rally GB

Tyre giant Hankook has this week unveiled plans to compete at the very highest levels – starting with Wales Rally GB.

The company has joined forces with Warwick-based Silverline Motorsport to offer a dedicated motorsport service for rallying and racing in the UK.
And to launch the new venture in style, Hankook Motorsports has entered three drivers into three different classes in the British round of the World Rally Championship.

11th August 2005/by Tyrepress Editors

Hankook Tire’s Profit Rises 13 Per Cent

South Korea’s leading tyremaker Hankook Tire Co. said that first-half earnings rose more than 13 per cent from a year ago on increased exports and sales of high-end products. Net profit came to 114.4 billion won ($112.5 million) in the January-June period, up 13.1 per cent from a year earlier, the company said in a regulatory filing.

10th August 2005/by Tyrepress Editors

Hankook Tire Denies It’s Walking Away From Slovakia

Hankook Tire Co, Korea’s largest tyre manufacturer said it is still considering Slovakia as the site for a 500 million euro ($603 million) plant, contradicting a Korean newspaper report that the plan had been scrapped. Now the Slovak government is saying that it has up until 31 August to come with a new offer for Hankook, local media sources have reported.

The cabinet rejected the original investment proposal due to investment incentives of 21 per cent of the total investment. Now the government insists that six per cent will remain the maximum level of the investment stimuli for the company.

19th July 2005/by Tyrepress Editors

Hankook to Restart Talks With Other Countries

(Akron/Tire Review) Reports out of Slovakia say that Hankook Tire Co will restart negotiations with other eastern European nations regarding its plans for a 500 million euro tyre plant. Slovakia lost its exclusive bargaining rights after cabinet ministers rejected a government aid package worth some 110 million euros.
It is expected that Hankook officials will renew talks with Poland and Hungary, the two the countries the South Korean tyremaker held negotiations with before it selected Slovakia in May.

14th July 2005/by Tyrepress Editors

Hankook Continues Slovakia Negotiations

(Akron/Tire Review) All is not yet lost for Slovakia in its bid to land a new tyre plant from Hankook Tire Co. The South Korean tyre manufacturer has made a counterproposal for government aid to support its planned 500 million euro tyre plant.

Slovakia Prime Minister Mikulas Dzurinda reportedly met with Hankook representatives late last week at Hankook’s request. Hankook is reported to have lowered its request for state assistance by 9.79 million euros. The meeting came just two days after Slovakia’s cabinet ministers rejected an investment package that included infrastructure improvements in the area surrounding the proposed plant.

12th July 2005/by Tyrepress Editors

Slovakia Scrambles to Mend Hankook Deal

(Akron/Tire Review) Reports say that Slovakian government officials are trying to meet with Hankook Tire Co to see if a deal to bring a 500 million euro tyre plant to that country can be salvaged. Earlier this week, government ministers rejected an incentive plan previously offered to lure the South Korean tyre maker to that country.

According to the Slovak Spectator, Economy Minister Pavol Rusko was expected to meet with Hankook officials yesterday to discuss “an acceptable amount of investment incentives.” The rejected incentive plan would have provided nearly 300 million euros in infrastructure improvements and tax breaks, said the newspaper.

11th July 2005/by Tyrepress Editors

Slovakian Economic Ministers Reject Hankook Investment

An internal meeting of ministers in Economic ministers from Slovakia has recommended that the investment between Hankook and Slovakia should not be approved by the government. Jan Slota, chairman of the nationalist non-parliamentary SNS party, considers Monday’s decision by the economic group to be harmful to Slovakia’s business interests. According to Mr Slota, the decision means that Slovakia will fall further and further behind the other countries in the area. Mr Slota also suggested that other lobbying interests are causing finance minister Ivan Miklos’ negative attitude towards the Korean investment.

7th July 2005/by Tyrepress Editors

Hankook’s Plans for Slovakia Plant Facing Hurdles

(Akron/Tire Review) Confusion over the state’s incentives is emerging just days after Hankook Tire announced its decision to build a new tyre plant in Slovakia. In return for its investment, Hankook made several requests, one of which was the construction of a speedway between Nitra and Hronský Benadik by 2009 and a four-lane road between Levice and Hronský Benadik by 2010.

18th May 2005/by Tyrepress Editors

Hankook Profits Up

Hankook Tire has released its first-quarter figures showing a 3.5 per cent increase in net profit. Its profits now stand at 56.6 billion won (£30.5 million).
Operating profit, however, edged down 2.4 per cent to 68.3 billion won, (£36.8 million). Sales rose 6.3 per cent to 475.6 billion won (£256 million).

16th May 2005/by Tyrepress Editors

Companies Object to Hankook Treatment

(Akron/Tire Review) Various companies are lining up, according to reports in the Slovak Spectator, to protest the special incentive package the Slovakian government has extended to Hankook Tire as an inducement to get the South Korean tyre maker to build a new plant there.

Slovakian tyre company Matador Púchov and members of Klub 500, an association of companies, say the investment incentives offered by the government are unfair and may exceed established limits. Matador, in particular, said the incentives place it at an unfair advantage.

16th May 2005/by Tyrepress Editors

Hankook Chooses Slovakia

Hankook Tire Co has chosen Slovakia as the location of its new Eastern European factory, Slovakia’s economy minister, Pavol Rusko, is quoted as saying. The company, now plans to make an investment worth around 500 million euros in the country.

5th May 2005/by Tyrepress Editors

Hankook/Slovakia Negotiations Underway

(Akron/Tire Review) The Slovak Spectator reported today that negotiations are underway between the Slovakian government and Hankook Tire Co regarding a new $650 million tyre plant for that country.

27th April 2005/by Tyrepress Editors