Hankook to build US factory
A report in the Financial times says that Hankook will shortly begin work on building its first plant in the USA as part of its plan to increase its presence in North America. The move is seen as a key part of Hankook's ambition to become one of the world's top five tyre manufacturers.
“We are in talks with three US states – Tennessee, South Carolina and Georgia – to build a plant and we will decide the final site by the end of this year,” Cho Hyun-shick, the company’s president in charge of international expansion told the Financial Times.
According to the popular business newspaper, the US is Hankook’s third-largest market after China and Europe. And what’s more, the company reportedly controls 5 per cent of the market for replacement tyres and 7-8 per cent of OE tyres in the US. Hankook has seven global manufacturing plants around the world including two in South Korea, one in Hungary and three in China.