Hankook boosted sales, income in 2009
Hankook Tire Co. achieved sales of $3.9 billion during 2009, an 18% increase over 2008 levels. Also in 2009, company posted an operating profit of $446 million, a five-fold increase from profits achieved the previous year.
In the United States, Hankook posted sales of $725.3 million, a 3.2% increase from 2008.
The South Korea-based company attributes 2009 gains to a variety of factors, including a 9.6% year-over-year increase in global ultra-high performance tire sales.
The firm's global original equipment tire sales grew some 129%, according to Hankook officials.
"Another key driver... was the establishment of solid footholds in diverse regions, embracing the economic downturn as an opportunity to capture market share and actively respond to customer demand."
Looking ahead to the new year, Hankook is targeting global sales of more than 5.1 trillion won. "We also aim to expand the global customers' trust through ongoing efforts for customer safety and the environment as a leading global company," says Hankook CEO and Vice Chairman Seung Hwa Suh.
Hankook is the seventh largest global tire manufacturer in terms of new tire sales, according to MTD's 2010 Facts Issue, available now.