Hankook Tire takes 19.5% share in Halla Visteon Climate Control
Korea’s Hankook Tire is a 19.49 per cent shareholder in Halla Visteon Climate Control Corp after it and private equity firm Hahn & Company acquired the close to 70 per cent company share that Visteon Corp held in the joint venture. Its 50.5 per cent stake makes Hahn & Company the largest shareholder in the climate control system specialist, while Hankook Tire is the second largest. According to a disclosure made to the Korea Stock Exchange, Hankook Tire paid a total of Krw 1.08 trillion (£630.2 million) for the 20.8 million shares it received.
The decision was taken to purchase shares in Halla Visteon Climate Control, says Hankook Tire, as it recognised the company’s “stable operating and financial performance” and its global automotive industry portfolio. “Hankook Tire expects to generate synergistic opportunities through coactions of sharing accumulated global business strategy and knowledge,” wrote the tyre maker in a statement announcing the deal.
“This significant investment demonstrates Hankook Tire’s continued commitment to growth and to increase its competitiveness worldwide,” added Seung Hwa Suh, vice-chairman and CEO of Hankook Tire. “We expect to further contribute to global automakers with combined market position and fostering strong synergy.”
Halla Visteon Climate Control is a full-line supplier of automotive thermal management solutions. The company partners with virtually every vehicle manufacturer worldwide.