Hankook posts record global sales in 2013

Posted on January 28, 2014

Hankook Tire Co. Ltd. posted record net sales of nearly 7.1 trillion won in fiscal 2013, which was 20 billion won more than in fiscal 2012.

Based on the average exchange rate for 2013, Hankook recorded sales of more than $6.4 billion. That is close to $200 million more than the previous year (based on the average exchange rate for 2012).

The company declined to release net income for the year.

Hankook's operating profit of more than 1 trillion won was also a record, and 12.2% more than in fiscal 2012.

"Hankook Tire’s ultra-high performance tire sales have played a key growth driver for this record operating profit," says the company. "Accumulated sales in the UHP tire segment accounted for 26.5% of the entire global sales and have shown a robust growth to finish with 3.4% increase year-on-year."

The growth in UHP tire sales was particularly notable in China (a 13.6% increase) and Europe (a 12.9% increase).

Original equipment fitment agreements, including the addition of the 2014 Mercedes-Benz S Class to its premium OE portfolio, also added to the record sales.

“Based on our foresight into the future, Hankook Tire's consistent investments and future-oriented R&D operation have greatly contributed to solidifying the company’s headway into becoming a global top-tier tire brand,” adds Seung Hwa Suh, vice chairman and CEO.

The company has been steadily expanding global production in strategic locations, with Indonesia and Chongqing (China) plants in 2013, and the construction of a new U.S. production facility, which will begin this year.

Related Topics: Hankook financials, OE tires, Plants, Seung Hwa Suh

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