The road must be precisely planned to reach complete satisfaction’, is the motto of the Korean tyre manufacturing company, Hankook Tyres. This motto was introduced by the company’s founder and is still followed by the managers of Hankook. The brand occupies a remarkable 7th place in the list of best tyre manufacturers of the world.
How it all started?
Hankook was started in 1941 under the name of Chosun Tyre Industries. Their first factory in Yeongdeungpo manufactured the company’s first premier car Tyres Bilston. This happened after witnessing tough times in Korea. The firm gained some pace after the independence of the country.
When the company was first set up, it was initially made out of scratch. Not having many facilities, they used machines and adopted new technologies after a long time. The 1950s mark the actual progress of Chosun Industries. They expanded their reach and in 1962, their tyres were exported internationally for the first time. This trade was done for the Asian market. Finally, Chosun Tyres changed their name to Hankook Tyres in 1968. In the same year, the firm entered the Korean stock exchange market.
Knowledge played a key role
The company’s expansion in the global market has its roots in the knowledge it possesses. Hankook Tyres felt the need to strengthen its foundation to expand internationally. In 1977, a factory was opened in Incheon and another one was inaugurated in Daejeon in 1979.
With time, the firm gained respect and expanded the work in many countries. Their export sales reached $100 million in 1980. It was after this turnover that they decided to launch the products in America. Thus Hankook Tyre America Corporation came into effect.
Hankook wanted to enter the Chinese market and achieved this goal in 1990 after setting up a factory in Beijing. The company did not stop after that. Another plant was established in Keumsan, and new research centres were set up in Hannover, Germany, which gave it a stiff foundation in the European market.
Among the World’s top seven
The new century had a lot more for the Korean company. Hankook signed an agreement with the Michelin Tyre company in 2003. This agreement helped the firm to establish many subsidiaries in France, Germany, Spain, Great Britain, Turkey, Italy, Netherlands, and Russia. This meant that the firm was on the rise and the international market was embracing it.
The new plant in Hungary was set up in 2007 and it played a significant role in helping the company reach the ‘top-seven’ landmark. Soon it started producing 15,000 tyres a day and the numbers reached almost 5 million tyres a year.
Hankook and the Motorsport industry
The Hankook Tyre company supplied tyres for 2007-09 seasons of the IMSA Prototypes Light Races. Slowly, the company expanded and reached milestones. Now, millions of users trust Hankook Tyres Bilston when it comes to the automobile industry.