Hankook Tire Co. Ltd. has acquired JAX Tyres, Australia's largest tire retailer. The transaction was completed on Jan. 23, 2017.

The company purchased a 100% stake in JAX from Fred Hurrell, chairman of JAX Tyres, and others.

Hankook says the JAX Tyres will be a growth engine that will help it to strengthen its distribution competitiveness from Asia to the global market “by applying an advanced franchise system to its distribution network.”

JAX Tyres stores are operated by JAX Quickfit Franchising Systems Pty Limited, a tire retail and a distribution franchise. The company opened its first store in Sydney, Australia, in 1949 and currently operates 83 franchise stores. Unlike ordinary tire stores, JAX Tyres’ all stores are transparently open similar to a luxury car dealership, according to Hankook.

Customers can check the price and designate any offline store where they want to make a purchase. JAX Tyres’ online real-time tire prices become a standard price for tires in Australia, according to Hankook.

Seung Hwa Suh, vice chairman and CEO of Hankook says, “We will solidify the position as the global top tier brand by extending the role of holding company. We will concentrate more on enhancing global competitiveness by diversifying the inorganic business in the automotive sector based on organic growth of tire.”

For more information on the company, visit Hankook Tire’s global website at www.hankooktire.com/global.