Hankook Tire & Technology Co., Ltd., a South Korean tire company, ranks as the seventh-largest tire manufacturer in the world. Known for its extensive range of high-quality tires, Hankook has established a significant presence in the automotive industry, offering products for various vehicles and engaging actively in motorsports.
Historical Background:
- Founded in 1941 by Bridgestone as “Chosun Tire Company,” the company was renamed “Hankook Tire Manufacturing” in 1968.
- “Hankook” and “Chosun” both translate to “Korea,” reflecting the brand’s roots.
Global Expansion and Production:
- Hankook Tire is a key supplier of original equipment to many automakers, producing approximately 102 million tires annually.
- In addition to tires, Hankook also deals in batteries, alloy wheels, and brake pads.
Significant Investments:
- In 2011, Hankook announced a $1.1 billion investment to build a factory in West Java, Indonesia, aimed at becoming the 5th largest tire manufacturer globally.
- A groundbreaking ceremony for the Indonesian factory was held on June 9, 2011.
- In October 2013, Hankook revealed plans to open a factory in Clarksville, Tennessee, which commenced operations in October 2017.
Financial Performance:
- According to Modern Tire Dealer, Hankook’s tire sales in 2007 amounted to $3.5 billion, marking a significant increase from the previous year.
Corporate Structure and Presence:
- Headquartered in South Korea, Hankook has manufacturing facilities in South Korea, China, Hungary, Indonesia, and the United States.
- Technical centers are located in Daejon, Korea; Akron, Ohio; Hannover, Germany; Osaka, Japan; and China.
- In April 2016, the North American headquarters was moved from Wayne, New Jersey, to Nashville, Tennessee, creating around 200 jobs.
Motorsports and Racing:
- Hankook has a strong presence in motorsports across Europe, North America, and Asia.
- It has sponsored teams in various championships, including the Le Mans Series, American Le Mans Series, Super GT, and Formula 3 Euroseries.
- Since 2011, Hankook has been the official tire partner for the Deutsche Tourenwagen Masters (DTM).
- The company also supports drifting events and drivers, like Chris Forsberg in Formula Drift.
- Hankook will be the official tire supplier for Formula E starting from the 2022-23 season.
Sponsorships and Partnerships:
- Hankook sponsors notable football clubs like Real Madrid, Borussia Dortmund, and AS Monaco FC.
- The company has associations with rugby teams like Northampton Saints and the Crusaders in Super Rugby.
- Since 2012, Hankook has been a sponsor of the UEFA Europa League and extended this to include the UEFA Europa Conference League.
- The company is a major sponsor in various sports, including Major League Baseball, Kontinental Hockey League, and simracing leagues.