-
Categories
-
Pharmaceutical Intermediates
-
Active Pharmaceutical Ingredients
-
Food Additives
- Industrial Coatings
- Agrochemicals
- Dyes and Pigments
- Surfactant
- Flavors and Fragrances
- Chemical Reagents
- Catalyst and Auxiliary
- Natural Products
- Inorganic Chemistry
-
Organic Chemistry
-
Biochemical Engineering
- Analytical Chemistry
-
Cosmetic Ingredient
- Water Treatment Chemical
-
Pharmaceutical Intermediates
Promotion
ECHEMI Mall
Wholesale
Weekly Price
Exhibition
News
-
Trade Service
Hankook Tire's $800 million U.
S.
plant will open by the end of this year, according to the Nikkei News, and the company is committed to expanding its supply network in Asia to the United States, hoping to strengthen its brand power and increase market share
in the process.
Hankook Tire announced in an announcement on Tuesday that the plant will be built in Tennessee and will produce 11 million tires a year
.
The company's existing seven plants in South Korea, China and two other countries have a combined annual production capacity of 114 million tires, a figure expected to increase by 9%
when the new plant is operational.
As major global automakers are reportedly building production facilities in North America, such as Kia Motors, which is building a new plant in Mexico, Hankook Tire hopes to strengthen its competitive advantage
by producing locally.
Hankook Tire, formerly known as Chosun Tire, was founded in 1941 when the Korean Peninsula was a Japanese colony
.
The Cho Seung-hee family acquired North Korean Tire in the '60s, and Cho Yang-rai is the second chairman of the board of Hankook Tire Worldwide
, the holding company.
The company began to make its mark
by supplying tires to Korean automakers, mainly Kia and Hyundai Motor Company.
After signing a cooperation agreement with Daihatsu Motor Corporation of Japan and Ford Motor Corporation of the United States in 1999, Hankook Tire has been expanding its overseas customers
since 2000.
Now, Hankook Tire claims to supply tires
for 280 models from 37 car brands.
Until now, Hankook has offered tires at lower prices than the world's leading tire manufacturers, thus achieving the same development path
as its Korean competitors Kumho Tire and Nexen Tire.
With the opening of the Tennessee plant, Hankook Tire will also focus on enhancing its brand image
.
Cho Hyun-shick, president of Hankook Tire Global, said on Tuesday that the company had become a major supplier
of Germany's BMW 7 Series vehicles.
Cho Hyun-shick, who also serves as Hankook Tire's chief marketing officer, hopes the company can supply tires for sports cars and other models to strengthen the image of the company's premium brand
.
Hankook Tire is currently the world's seventh-largest tire manufacturer, with Japan's Bridgestone, France's Michelin and America's Goodyear Tire & Rubber occupying the top 3 spots
.
Cho Hyun-shick said that based on an internal judging criterion that considers Michelin as the standard 100, the company has boosted its brand from 60 to about 82 or 83 in
15 years.
Still, there is a gap
of nearly 20 points.
Hyundai Motor is currently in a difficult business situation
.
The success of Hankook's expansion in the U.
S.
will depend on whether the company can still operate
well without Hyundai's support.
