Hankook Tire Overview
Company Headquarters: Seoul, South Korea
Workforce: ~22,000
Founded: 1941
Company Working: Hankook Tire manufactures and sells tires, worldwide, through its four-regional headquarters, multiple offices that are present across 30 countries, and five research and development centers that are located in South Korea, the US, Germany, China, and Japan. The company has eight production facilities- two in South Korea, three in China, and one each in the US, Hungary, and Indonesia. As of 2017, these production facilities have a total production capacity of 104 million units. It sells tires for passenger cars, SUVs, light trucks, heavy trucks, and buses through four of its brand names, which are Hankook, Laufenn, Aurora, and Kingstar.
Hankook Tire is focusing on its tire business to improve its share in the global tire market and to achieve global leadership through a digitalization strategy and improved supply chain efficiency. It is planning to reinforce processes throughout its production, distribution, and sales areas to establish a corporate culture of voluntary engagement based on work integrity.
The major subsidiaries of the company include Jiangsu Hankook Tire Co., Ltd, PT Hankook Tire Indonesia, Hankook Tire U.K. Ltd, Hankook Tire Canada Corp., Hankook Tire Australia Pty. Ltd, and Hankook Tire Malaysia Sdn. Bhd.
Strategy
Hankook Tire is continuously working to achieve an innovation-driven competitive edge to provide a more safe, pleasant, and comfortable driving experience. It is planning to evolve into a global top-tier business leader by exploring growth and innovation opportunities and by developing its core competency. The company is focusing on stimulating innovation while seeking a digitally-enabled innovative business strategy and developing agility in responding to business risks.
Hankook Tire is planning to strengthen its global supply network in Latin America, ASEAN, and other emerging markets and cater to the increasing demand for high-performance products by undertaking a customer-driven marketing strategy. It is concentrating on adding a layer of innovation to its business processes and its corporate culture to move beyond its existing success strategy for developing new growth drivers. Moreover, the company is committed to building an edge across its entire business lifecycle to solidify its status as a premium brand in the green tire market.
