Hankook Tire America Corp. is moving its North American headquarters to Nashville, Tenn.
The company is relocating its headquarters from Wayne, N.J. The $5 million investment will create up to 200 new jobs in Nashville.
Hankook’s first U.S. tire plant is also in Tennessee. The $800 million plant will produce passenger and light truck tires and is expected to begin production in the fourth quarter of 2016.
“By choosing Nashville for the location of its North American headquarters, Hankook Tire continues to help make our state known as a worldwide leader in the automotive sector,” says Tennessee Gov. Bill Haslam.
“This will be the company’s second facility in Tennessee, an investment that brings us closer to our goal of becoming the No. 1 location in the state for high quality jobs, and we thank Hankook for its commitment to creating jobs in Tennessee.”
Hankook was established in 1941 in South Korea and entered the U.S. market in 1981. The company has more than 20,000 global employees. Its current North American headquarters is in Wayne, N.J.
"I am delighted to announce that Hankook Tire will move our American headquarters to Nashville later this year,” says Hankook Tire Vice Chairman and CEO Seung Hwa Suh.
“We believe by relocating our headquarters to Nashville, Hankook Tire can benefit from the people, resources and infrastructures of Tennessee, and we hope it will provide job opportunities and contribute to the Tennessee economy."
The company is looking for space for its headquarters in downtown Nashville.
Hankook’s parent company reported its sales in North America grew 20% in 2015 with sales of its UHP tires up 29% over the year prior, accounting for 33.3% of its total revenue. The company says it increased its share of the U.S. market to 4.3% in 2015 and is expecting double-digit growth this year. Hankook’s sales were $1.2 billion in the U.S. and just under $100 million in Canada in 2015.
For the complete interview, see MTD Publisher Greg Smith’s report: “Hankook Refines Growth Strategies for the U.S. Market.”
