Hankook Tire to purchase shares of Halla Visteon
Hankook Tire, a leading and one of the fastest growing tire companies in the world, announced that the company agreed to acquire stake for Halla Visteon Climate Control Corp. Hankook Tire and the private equity firm Hahn & Company holds 19.49 percent and 50.5 percent stake, respectively. Hankook Tire becomes the second largest stakeholder of Halla Visteon Climate Control Corp (HVCC).
Hankook Tire decided on the purchase of shares recognizing HVCC’s stable operating and financial performance with its global portfolio in the automotive industry. Hankook Tire expects to generate synergistic opportunities through coactions of sharing accumulated global business strategy and knowledge.
“This significant investment demonstrates Hankook Tire’s continued commitment to growth and to increase its competitiveness worldwide” said Mr. Seung Hwa Suh, Vice Chairman and CEO of Hankook Tire. “We expect to further contribute to global automakers with combined market position and fostering strong synergy.”
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.
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