Hankook Tire extends Sinopec supply in China

Further growth in China is on the cards for Hankook Tire following an expansion of a retail agreement with China Petroleum & Chemical Corporation, or Sinopec. Earlier this year, it entered into an agreement to supply truck and bus radials to Sinopec garage retail centres in seven of China’s 32 provinces, and adjusted production at one of the three Hankook tyre plants in China to accommodate expected demand. Yonhap News Agency reports this arrangement has now been extended to a further eight provinces.

A total of 31,000 Sinopec garages operate throughout China, and Hankook Tire is the second manufacturer to supply its products to Sinopec outlets. The oil and petrochemical giant also has a supply agreement in place with Michelin.