Admittedly, Korean tire manufacturer Hankook rarely makes the headlines in the mainstream media, at least when compared with its competitors Michelin, Pirelli or Goodyear. However, far be it from me to assert that the company is on the wane. On the contrary, the latest news discreetly revealed by the company in recent weeks seems to indicate that business is booming. From the introduction of new performance tire variants in various racing series to the acquisition of a high-tech company, it looks like Hankook is gearing up for something big.
Hankook acquires Hanon Systems
The idea for this article came to me while reading Hankook's press release on its recent acquisition of Korean thermal control systems manufacturer Hanon Systems. At a cost of nearly C$1.75 billion, the company's share will rise from 19.5% to 44.5%, ensuring their control over operations. Parts manufactured by Hanon Systems are particularly important for the automotive industry, especially for electric vehicles. Heat control is vital to ensure efficient recharging and maximum battery life. The acquisition of Hanon Systems therefore represents a perfect opportunity for Hankook to further penetrate the electric vehicle market. Hanon Systems already serves major customers such as Hyundai, Ford, Mercedes and Volkswagen.
Hankook, still in the race
In addition to this relatively public strategic acquisition, Hankook has innovated with subtlety in its motorsport-specific products. In the world of rallying, Hankook has managed to get its hands on a very important contract: that of the 2025 world championship. Although the company refuses to say more about its manufacturing process, it is certainly putting its shoulder to the wheel to create ultra-high-performance products that should have an impact on the passenger car tire market.
Once again on the electric side, Hankook will also be supplying tires for the Formula E 10th anniversary celebrations in Berlin. At the time of writing, the race is still a few days away, but it's almost certain that Hankook iON Race tires will do well, as we've seen in the past. Once again, we can expect the innovations developed for the performance iONs to inspire the products in the range that will one day find themselves on our roads. Who knows what the next generation of the iON EVO AS, for example, specifically designed for SUVs, will look like? Only time will tell.
