Hankook Tire is a tire company based in Seoul, South Korea. The brand's recognition has been growing over the years, and today, they are the seventh largest tire company on the planet. They certainly did not start out that way though. In fact, they started out relatively small.
The company started in 1941 under the name Chosun Tire Company. They kept this name up until 1968, when they changed it to Hankook. Interestingly, both of the names refer to ancient Korean kingdoms. The company has always had a reputation for making high quality tires, but the thing that has really helped their brand and their reputation to grow is the addition of bias ply tires and radial tires. They have also made a number of deals recently to become the tire supplier for automakers. Their tires will come with vehicles as original equipment.
Tires are certainly the company's focus, as they are currently selling approximately 92 million tires each year. However, they also have other products including brake pads, alloy wheels, and batteries that they sell. While these are not the big moneymakers that the tires are, they are nonetheless important to the company's bottom line and to their brand. They put just as much time and effort into making sure that their other peripheral products are just as good and durable as their tires.
More Plans for Growth
Hankook does not seem to be content with being in seventh place when it comes to the top tire manufacturers in the world today. They are taking steps to improve their ranking. Namely, they are opening up new factories in various places around the world. They are currently investing more than a billion dollars to open a factory in Indonesia, and they believe that this new factory could help them to become the fifth largest tire company in the world. Additionally, they are making plans to open up yet another new factory in the United States, this one in Tennessee.
Currently, the company has approximately 21,000 employees around the world. This will grow when they open up new factories. The company currently sells in more than 180 countries, and they currently have a number of facilities up and running around the world. They have production in two locations in South Korea, two in China, and one in Hungary.
They also have research and development centers, which help them to continue to improve upon and innovate in their products. They realize that in order to be successful today, no company is able to remain stagnant. They need to continue to push technology forward to make newer and better products.
Why Do They Continue to Be Successful?
For starters, Hankook has drive. They are not happy with being the seventh largest tire manufacturer, and they are pushing to improve their global position. This drive is just a part of what makes the company successful though. Naturally, the quality of the products they offer is another huge factor one cannot overlook. To become as successful as possible, they keep five main company goals in mind at all times. First, they want to make sure they are providing true customer satisfaction. Second, they strive each day to be one of the best tire brands in the world. Third, they never give less than their best when it comes to the quality of their products. Fourth, they strive to have the best employees possible, and fifth, they work hard toward continually achieving financial growth.
These goals are the company's focus, and it does seem to be paying off. Even though they might not be the top brand in the business, they are getting more and more recognition each day. The company is the tire supplier for the television show Car Warriors, they sponsor a number of football and rugby clubs, and they work with the Formula D championships in the United States. The brand name is starting to gain more notice thanks to the quality of the products and the company's tireless efforts. Even though they want to grow more, their brand and company is doing remarkably well in today's market. With continued quality work and products, they should keep on growing.