Hankook Tire Co. Ltd. is facing a turning point in its history, and the company will take on the future with a new name: Hankook Tire & Technology.
The change comes as part of a global, all-encompassing movement for Hankook's holding company, Hankook Tire Worldwide Co. Ltd., which will become Hankook Technology Group Co. Ltd.
The company says the name change is a step toward laying "the groundwork for continuously promoting destructive innovation that will challenge new business development.
"It embodies the company’s long-term vision and willingness to realize sustainable growth by unifying mid-to-long-term missions and strategies at the group level, creating innovative technologies based on advanced technologies in various fields, and finding new growth engines for the future."
Along with the name change, Hankook says it "will fundamentally innovate the processes and models of all business areas, and enhance global leadership through strategies and systems to realize digital transformation that has emerged as a major topic of the new economic paradigm. The company plans to lead the change of the future industry by establishing a digital-based innovation model that integrates various information and communication technologies such as artificial intelligence and big data in all fields from production to distribution, sales and service."
With its new name, Hankook Tire & Technology will focus on "securing future-oriented innovation technologies and leading the automotive industry."
Specifically the company says it will develop a "smart factory," optimize its automation and use of data and artificial intelligence. Hankook's goal is to firmly position itself as a "leading global technology company" through the tire business.
The name change applies to the holding company and tire business, as well as these other Hankook entities:
|Former name||New name||What it does|
|AtlasBX Co. Ltd.||Hankook AtlasBX||a Korean battery company|
|MK Technology Corp.||Hankook Precision Works||a maker of tire molds|
|EmFrontier Inc.||Hankook Networks||an IT service and logistics engineering business|
|Daehwa Engineering & Machinery Co. Ltd.||Hankook Engineering Works||a producer of equipment for tire manufacturing|
|HK Automotive Co., Ltd.||Hankook Car & Life||an imported auto parts, maintenance service, and dealership business|
One affiliate business, Model Solution, will not change its name, the company said, due to its unique business area. The 26-year-old company designs and manufactures prototypes of new products that incorporate cutting-edge technologies such as IT and medical devices into various solutions.