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Hankook Tire Reaches Record Sales in 2010

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Not all tire manufacturers had bad news to report in 2010. Hankook Tire just announced its fiscal year 2010 performance results with global sales an operating profit that have broken the company’s previous annual records. Hankook’s global tire sales topped $4.8 billion USD (11.5% increase year-over-year), and their operating profit was an impressive $523 million (6.7% increase year-over-year). What makes Hankook’s accomplishments so special is the fact that raw materials have been steadily rising in price and forcing manufacturers to re-think their supply chains, pricing, and plans for growth.

So Il Lee, president of Hankook Tire America Corporation, had this to say about the company’s successful year: “In 2010, our company has had another successful, record-breaking year in North America as well as globally. Hankook Tire North America, USA and Canada combined, recorded sales of 12.6 million tires, totaling $1 billion with a growth rate of 21 percent.”

So what did Hankook say was behind their record-breaking performance? Emerging markets drove demand for wholesale Hankook tires while sales in strategic markets in North America, Europe, and Asia remained steady. Hankook has also enjoyed a positive response and surging demand for their Ultra-High Performance (UHP) tires. Global sales for UHP tires alone saw a 42% increase year-over-year.

So where do they go from here? Hankook has set the bar higher for 2011, aiming to achieve $5.4 billion in global sales, another 11% annual increase. Hankook believes that boosted production capacity in their Hungarian plant will make achieving this goal possible. Stay tuned for more news.

 

 

 

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Filed under: Hankook Tires, Tire News

Hankook jumps on the bandwagon – 5% price increase

Does this sound familiar?

“The ongoing rise in the cost of raw materials and energy consumed in manufacturing and distribution continues to impact our industry. We are making every effort possible to control costs, and improve and expand our production capacity.”

Today’s quote comes from says Todd Hershberger, Sr. Vice President of Hankook Tire America. Hankook, like Bridgestone, Cooper, and other major tire manufacturers, is scheduling a price increase effective January 1st 2010. The full lineup of wholesale Hankook tires will be subject to a 5% price hike. Hankook manufacturers passenger tires, light truck tires, and medium duty truck tires.

Expect more of the same from other manufacturers from now until the end of the month, and most likely into the new year, until the cost of raw materials returns to normal levels.

Filed under: Hankook Tires, Tire News, , ,

Hankook unveils new all-season tire at SEMA

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Hankook unveiled their latest all-season tire at the annual SEMA conference in Las Vegas.

Consumers looking for a strong, lightweight and fuel-efficient tire have a new option in North America. At the Specialty Equipment Market Association industry trade show in Las Vegas, Hankook unveiled their newest all-season tire: the Optimo H724. According to director of brand communications Bill Bainbridge, the new tire delivers a safe and comfortable ride, as well as all-season traction and mileage that one would expect from more expensive tires.

Bainbridge also notes, “Other benefits include improved handling and noise control. Additionally, the Optimo H724 provides an environmentally responsible option for consumers, offering longer mileage performance.”

The new tire features improved carcass construction and a more durable tread compound that lasts longer than other tires at comparable price points. Not to mention, the new tread design performed well in hydroplaning tests and has been extensively tested well above the normal standards for snow traction control.

Consumers looking to purchase the new all-season Hankook H724 can expect all 38 sizes to be available early next year. Contact your local tire wholesaler for availability and pricing.

 

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