Hankook Tire

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Hankook Tire
Public
Traded asKRX: 161390
IndustryAuto and Truck parts
Founded1941; 77 years ago (1941) (as The Chosun Tire Company)
HeadquartersGangnam-gu, Seoul, South Korea
Key people
Seung Hwa Suh (CEO)
RevenueKRW 7,069 billion (2013)
KRW 7,350 billion (2013)
Number of employees
21,000 Worldwide
Websitewww.hankooktire.com
Hankook Tire
Hangul
한국타이어
Hanja
韓國타이어
Revised RomanizationHanguk Taieo
McCune–ReischauerHan'guk T'aiŏ

The Hankook Tire group (/ˈhæŋkʊk/; [haːnɡuk] 한국, 韓國 "(South) Korea", also known simply as Hankook and stylised наnкоок) is a South Korean tire company. Based in Seoul, South Korea, the Hankook Tire group is the 7th largest tire company in the world.[1]

History[edit]

Hankook Tire was established by Jae Hun Chung's grandfather in 1941 as the Chosun Tire Company and was renamed to Hankook Tire Manufacturing in 1968. The word "Hankook" itself resembles Korea in Korean (literally meaning Korean tires).

Hankook Tire's worldwide reputation has largely grown due to its radial tire and bias-ply tire production. The company now supplies tires as original equipment to various automakers. In addition to producing about 92 million tires annually, the company also sells batteries, alloy wheels, and brake pads.

Hankook Tire Co. has announced that the company will invest $1.1 billion to build a factory in West Java, Indonesia as part of a plan to become the 5th largest tire manufacturer in the world.[2] On June 9, 2011 a ground breaking ceremony was held at a 60-hectare area as a regional hub production for export to Asian, North America and Middle East countries.[3]

In October 2013, the company announced plans to open a new factory in Tennessee.[4]

Facts and figures[edit]

According to Modern Tire Dealer, Hankook's new tire sales for 2007 were $3.5 billion, a 20.7% year-over-year increase from 2006 ($2.9 billion).

These are quoted from Hankook Tire's global website.

Through sales in more than 180 countries around the world, Hankook Tire is ranked seventh in global sales revenue.

The company has more than 21,000 employees in four regional headquarters, more than 28 overseas subsidiaries and five research and development centers around the world, and makes 70 percent of its revenue through overseas markets.[7]

Global offices[edit]

The company has its headquarters in South Korea and has manufacturing facilities in South Korea, the People's Republic of China, Hungary, Indonesia, and the United States. It has technical centers in Daejon, Korea; Akron, Ohio, USA; Langenhagen, Germany; Osaka, Japan; and China.

In April 2016, the company announced they would be moving the North American headquarters from Wayne, New Jersey, to Nashville, Tennessee. This move is reported to create up to 200 jobs in Davidson County and the company would be investing $5 million in the process.[8]

Motorsports involvement[edit]

Hankook entered motorsports in Europe, North America, and in Asia. They signed with FBR (Farnbarcher Racing) to race a Ferrari F430 GT with Hankook Tires in the 2009 Le Mans Series season. They supplied tires for the Primetime Race Group that raced in the GT2 class of the American Le Mans Series in 2008. They supplied tires from 2007–2009 for IMSA Prototype Lites, a support series for the American Le Mans Series. Since 2009, the Hankook Team Farnbacher has competed in the GT class of the Le Mans Series. They also supply tires for the Hankook KTR team that races in the Super GT and the Asian Le Mans Series. They supplied tires for the Formula 3 Euroseries.

In rallying, Hankook are the series sponsors of the Scottish Rally Championship.[9] Their tires have been used at the European-based Intercontinental Rally Challenge as well.

Since 2011, Hankook is the official tire supplier for the Deutsche Tourenwagen Masters, one of the world’s most popular touring car series.

In addition, Hankook also sponsors Formula Drift driver Chris Forsberg, a three-time champion (with his most recent championship coming as recent as the 2016 season).

Hankook are currently tendering to become Formula 1's official tyre supplier after Pirelli's current deal expires.

Sponsorships[edit]

Hankook sponsors Real Madrid[10] and Bundesliga club Borussia Dortmund.

Hankook was once the major sponsor of the Melbourne Football Club in the Australian Football League.

Hankook sponsors the English rugby union team Northampton Saints.

Hankook sponsors the New Zealand Super Rugby team the Crusaders

Hankook is one of the sponsors of the UEFA Europa League.

Hankook is also involved in drifting sponsorship in a number of countries, most notably in North America in the Formula D championship and in Ireland in the Prodrift championship.

Hankook is the official tire supplier of the reality TV series Car Warriors.

As of 2017, Hankook is one of the major sponsors of the Kontinental Hockey League.

Innovation[edit]

For years, Hankook keeps working on the innovative projects that may open new horizons to the development of new tire lineups. In 2012, Hankook and University of Cincinnati agreed to work together on a project ‘New tires for the future’. The same year they worked on 3 major projects that were later on presented at Sema show (2012)[11].

  • TilTread, Revolution of Sport tire. Tiltread is the technology aimed to provide dynamic cornering by tilting through the non-pneumatic tires. It prevents from unnecessary tread wear and potential blowouts.
  • Motiv (Off Road Tire). This is a tire created for off-road drive. The tire itself consists of flexible polyurethane blocks, that move separately considering the shape of the surface. The tilting center hub in its turn expends the tread and provides ultimate grip.
  • eMembrance is the technology that allows to spend more fuel by reducing rolling resistance and using less energy. Besides, this technology extends tread for better grip and cornering performance.

In 2014, Hankook announced a new moto for their innovation, 'A Great Challenge for a Great Change'. The projects they worked on in 2014-2015 were inspired by severe climate change that may take place due to global warming. The project recognized the roles tires can undertake in case of such changes. This way, Hankook created 3 tire concepts.

  • Boostrac. These tires were developed to create enormous drive force by means of applying a variable tread block structure. This block expands in all directions and enables the grip that is effective in desert terrain.
  • Alpike. This concept tire was developed for performance on the rough terrain. Its structure features additional ground clearance and additional tread, that is created by expansion for better traction. Besides, there are studs that may expose between the treads for better performance in snow and ice.
  • Hyblade. These concept tires feature good water draining and operate based on waterwheel principle which adds resistance to produce increased driving force.

In 2016, Hankook announced their innovation project under the motto: 'Connect to the Connected World'. By this project Hankook shows the importance to realize the infinite possibilities of tire considering perspectives of future driving. To show the corporate vision of the future mobility through tires, the company introduced a series of concept projects.

  • Magfloat. This is a single user mobility that moves at speeds under 20 km/h and can be used indoors. It employs magnetic field (extension and rotation principle) to move.
  • Flexup. This is a futuristic single user mobility with a single wheel that allows moving by means of tilting principle. Its wheel is designed to move freely along the even surface and climb stairs.

See also[edit]

References[edit]

  1. ^ statistica. "The world's largest tire producers in FY 2014, based on tire-related sales (in billion U.S. dollars)". Statistica.com.
  2. ^ Rangga D Fadillah. "Hankook announces US$353 million investment for phase 1". The Jakarta Post. Archived from the original on 2011-01-24.
  3. ^ Post, The Jakarta. "Hankook to make RI production hub".
  4. ^ Hankook Tire to invest $800 million to build first U.S. plant, Automotive News, 14 October 2013
  5. ^ a b Rangga D Fadillah. "Hankook announces US$353 million investment". The Jakarta Post. Archived from the original on 2011-01-24.
  6. ^ "Hankook Tire Selects The State Of Tennessee For Its First U.S. Plant".
  7. ^ "HANKOOK - KOREA'S Leading TYRE".
  8. ^ Tire Business, Staff (2016-04-13). "Hankook to invest $5M in HQ move to Nashville (Update)". Tire Business. Crain Communication, Inc. Retrieved 2016-04-14.
  9. ^ "SRC homepage". Scottish Rally Championship. SRC. 2010-11-19. Retrieved 2010-11-19.
  10. ^ "Real Madrid present the agreement with Hankook Tire - Real Madrid CF".
  11. ^ "Hankook Design Innovation: Corporate Information". CARiD.com. 2018.

External links[edit]