Hankook has scored a 536.4 percent increase in year-over-year profits as global sales were up 26.4 percent for the third quarter.
U.S. replacement sales in the third quarter jumped 18 percent over the company’s second quarter financial figures, which are 21 percent ahead of last year’s posted numbers.
The most significant sales boost is in the ultra-high performance category.
“The majority of our growth this year in the United States has come from our replacement business,” says Greg Pae, president of Hankook Tire America Corp. in Wayne, N.J. “Replacement sales have shown significant increases over the last three quarters, illustrating the trend that consumers are focusing on high value products.”
Worldwide sales of the Korean-based company’s UHP tires rose 18.2 percent.
“Despite the economic climate, Hankook Tire has continued to stand out with its record high performance,” reports Seung Hwa Suh, global CEO and president.
“The tire industry is extremely competitive; it is essential that we continue investing to ensure sustainable growth,” says Suh, adding that the company “remains positive about growth prospects for the future as we continue to increase brand preference and devote ourselves to providing consumers with value-added high-quality products and services.”
For more information, visit www.hankooktireusa.com.
