Hankook Tire Co. Ltd. achieved sales of nearly $3.5 billion in 2007, an 11.8% increase over its 2006 sales. Hankook's 2007 operating profit totaled $283.6 million, a 5.1% jump from the previous year.
Hankook officials say the company's "consistent investment of approximately 5% of revenue in research and development continued to pay dividends."
"Despite a challenging year for the industry as a whole, our strategy of increasing the quality and reputation of our products has allowed us to build margins without adversely affecting our sales growth in both new and established markets," says Hankook CEO Seung Hwa Suh.
Hankook believes it has the potential to boost its sales by nearly 20% in 2008.
