Hankook & Co., parent company of Hankook Tire America Corp., experienced a 3% year-over-year sales decline during the third quarter. However, Hankook's sales and volume grew year-over-year in North America.
Global results were impacted by the "worsening auto semi-conductor shortage, extensive impact of global supply chain disruption and higher (raw) material costs," according to Hankook officials. (The company's operating profit dropped 19.5% versus 3Q 2020 levels.)
Hankook anticipates global economic recovery in 2022 due to the "increasing rate of vaccinations, but there are still concerns of (a) COVID-19 resurgence," as well as "increasing uncertainties" due to the semi-conductor shortage and "escalating global supply chain bottlenecks."
