Hankook announces plan for their first US-based factory
Hankook Tire has released its latest plan for the company’s first U.S.-based manufacturing facility in Tennessee, the United States. The new plant announcement further completes the company’s global production portfolio strategy, accelerating the path towards becoming a top tier tyre company.
Premium tyre manufacturer Hankook today will make an announcement on its latest plan for its new global manufacturing plant in Tennessee, in the United States.
With an expected total investment of USD 800 million, the new, state-of-the-art plant will be Hankook Tire’s first manufacturing facility based in the United States and will provide an additional capacity for its growing business in the market. Upon its completion, the factory will become Hankook Tire’s 8th global production base and is expected to secure annual production capacities of 11 million tyres. Hankook Tire is expected to break ground by the end of 2014 and plans to begin operations in 2016.
On this occasion, Mr. Seung-Hwa Suh, Hankook Tire’s Vice Chairman and CEO, says, “The new plant in the United States will further strengthen our well-balanced global production portfolio, complete with manufacturing bases located in all major markets.” He adds: “With this newest manufacturing facility in place, we will be able to supply the highest quality tyre products that meet fast growing demands from consumers and automakers in the United States.”
The announcement will be made from the Wilma Rudolph Event Center in Tennessee with the presence of State of Tennessee Governor Bill Haslam along with local and state officials and media representatives.
Tennessee is considered to be an ideal plant location for Hankook Tire, providing an extensive transportation network including rail, plane and interstate highway network as well as regional access to the Mississippi River inland waterway.
The newly announced plant will act as Hankook Tire’s key business growth driver in the North American market by accommodating a fast growing demand for its products within the region. Also, such plan exhibits Hankook Tire’s continued execution of its foresighted investment strategy, striding towards completing its global production portfolio and therefore becoming a globally leading tyre company