Hankook Tire Acquires Korea-based Digital Prototype Solution Company

Korea’s leading tire company Hankook Tire announced on May 11 that it has acquired a 75% share of Model Solution, a Korea-based state-of-the-art digital prototype solution company, for 68.6 billion won (US$62 million).

The acquisition is in line with the company’s strategy to secure new growth engines by aggressively acquiring companies with advanced technology and design capabilities.

The 75% stake includes 51% owned by British electronics company Laird and 24% owned by global private equity Crescendo Equity Partners.

Established in 1993, Model Solution specializes in design and manufacturing of prototypes and molds for new products, covering cutting edge IT equipment, electronic products and medical devices. The company started to provide prototype solution services in 2007 and currently has about 420 clients from all over the globe.

In particular, the company has been seeking to stay ahead of the game in the prototype industry by introducing new technologies such as 3D printing.