Hankook Aims for Higher Margins
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.”