Hankook buys shares in car parts company

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Hankook Tire Co. Ltd. has purchased a majority stake in Korean car parts manufacturer Halla Visteon Climate Control Corp (HVCC). The purchase makes Hankook the second largest stakeholder in HVCC.

Hankook and the private equity firm Hahn & Co. hold 19.49% and 50.5% stakes, respectively. Hankook says it expects to strengthen its automobile business from Halla Visteon stake purchase. Hahn & Co. is based in Seoul, South Korea.

HVCC is a full-line supplier of automotive thermal management solutions. The company partners with virtually every vehicle manufacturer worldwide and is recognized for its world-class technology and superior product quality, according to Hankook.

“This significant investment demonstrates Hankook Tire’s continued commitment to growth and to increase its competitiveness worldwide” says Seung Hwa Suh, vice chairman and CEO. “We expect to further contribute to global automakers with combined market position and fostering strong synergy.”

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