Hankook Tire will expand its presence in the European market by establishing a subsidiary in Schwechat, a town southeast of Vienna, Austria, which will exclusively cover Austria and Switzerland.
Hankook Tire already has a business network spanning throughout Europe including Germany, the United Kingdom, France, Hungary, Spain, Sweden, Russia, Ukraine, and Turkey. The new subsidiary will help the company further solidify its foundation for strategic expansion in the European market.
Hankook Tire ranks sixth in terms of sales in the global tire market, and records more than 85 percent of its total sales in overseas markets.
The company exports tires to more than 180 countries through eight production facilities around the world (Korea, China, the United States, Indonesia and Hungary) and five R&D centers in Korea, China, the United States, Germany and Japan.