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Hankook & Company Group seeks to secure the management rights of Hanon Systems, the world’s second-largest automotive climate control company

  • Hankook & Company Group aims to secure a share of 50.53% through the acquisition of an additional stake in Hanon Systems worth KRW 1.733 trillion (EUR 1.172 billion)
  • The company signed a memorandum of understanding (MOU) with Hahn & Company, a private equity firm, following a board resolution on 3 May
  • Hankook & Company Group Chairman Hyunbum Cho’s foresight in respect of the electric vehicle era accelerates the transformation of the group into a high-tech company
  • Going forward, Hankook & Company Group expects to rank among the top 30 companies in Korea with total assets of KRW 26 trillion (EUR 17.579 billion) and aims for total sales of KRW 30 trillion (EUR 20.283 billion) by 2030
Hankook & Company Group seeks to secure the management rights of Hanon Systems, the world’s second-largest automotive climate control company

Seoul, Korea / Neu-Isenburg, Germany, 4th June 2024 – Hankook & Company Group (formerly Hankook Tire Group) is accelerating its transformation into a global high-tech company with the acquisition of an additional stake in Hanon Systems, the world’s second-largest automotive thermal and energy management solutions company. The acquisition, which will be executed through its core business Hankook Tire & Technology (Hankook Tire), will be completed by the end of the year. The move is expected to expand the group to become one of the top 30 companies in Korea.

On May 3, Hankook Tire, a core business subsidiary of Hankook & Company Group, held a board of directors meeting where the company resolved to acquire private equity (PE) firm Hahn & Company’s 25% stake in Hanon Systems and 12.2% of new shares to be issued through a capital increase for a total of KRW 1.733 trillion and signed the ‘Hanon Systems Investment memorandum of understanding (MOU).’

Upon completion of the acquisition, Hankook & Company Group will hold a 50.53% stake in Hanon Systems and take management rights as the largest shareholder. The group previously acquired a 19.49% stake in Hanon Systems in 2014 for KRW 1.08 trillion (EUR 730.2 million). With this additional stake, the group will have invested a total of KRW 2.8 trillion (EUR 1.893 billion) in the acquisition of Hanon Systems.

Hankook & Company Group’s acquisition of Hanon Systems is the culmination of a future growth strategy stemming from Chairman Hyunbum Cho’s anticipation of the electric vehicle era nearly a decade ago. From the time Chairman Cho first acquired a stake in Hanon Systems (formerly Halla Visteon Climate Control) in 2014, he envisioned Hankook’s role as a game-changer in the era of the electrification of mobility. He conceived a next-generation business model that combines global top-tier tyre and automotive thermal management system (TMS) technologies.

Throughout the past decade, Chairman Cho has recognised and valued the unique technology and growth potential of Hanon Systems. He opted against acquiring the company through methods such as the temporary large-scale investment of funds to secure equity and take over management – an approach commonly taken by existing conglomerates and private equity funds. Instead, Hankook & Company Group has minimised the risk of acquisition by thoroughly verifying the fundamentals of Hanon Systems’ technology, management strategy and corporate culture over a period of time. By combining this with the group’s growth DNA, Hankook & Company Group has developed a differentiated strategy to foster Hanon Systems as a key company of the electric vehicle era.

With the acquisition of Hanon Systems, Hankook & Company Group will gain the momentum to accelerate its dynamic future growth in both quantitative and qualitative terms. The group will become a leading high-tech company in future mobility by acquiring core components related to electric vehicles, including tyres, batteries and TMS.

Hankook’s iON, the industry’s first full lineup of tyres designed specifically for electric vehicles, has become the world’s leading electric vehicle tyre brand since its launch in 2022. Hanon Systems is also significantly expanding its partnerships with key electric vehicle brands based on its industry-leading electric vehicle TMS technology. By working with TMS solutions alongside its tyre products, which have been a significant driver of the Group’s growth, Hankook Tire is expected to further strengthen its business portfolio.

Hankook & Company Group plans to finalise the acquisition by year-end, pending the completion of all requisite procedures. Upon finalisation, Hankook & Company Group’s total global assets are forecasted to reach around KRW 26 trillion (EUR 17.579 billion), positioning it among South Korea’s top 30 companies.

“Through the acquisition of Hanon Systems’ management rights, Hankook & Company Group will become a provider of crucial technology for the electric vehicle era, including TMS technology and tyres for automobiles,” Chairman Cho stated. “Hankook & Company Group is targeting sales of KRW 30 trillion (EUR 20.283 billion) by 2030 by expanding additional businesses based on next-generation technology beyond the automotive industry.”

Hanon Systems is considered the world’s second-largest company in TMS for electric vehicles, from complete design to C-parts supply. It leads the electric vehicle TMS solution market and is predicted to experience a high level of growth by securing comprehensive technological competitiveness in fields such as electric compressors, refrigerant and coolant integrated modules, and TMS which efficiently manage the battery performance of electric vehicles, the driving distance of which is significantly impacted by indoor and outdoor temperatures.

In 2023, Hanon Systems recorded sales of KRW 9.5593 trillion (EUR 6.463 billion). It operates 53 production locations across 21 countries as well as three technology innovation centres. The company is deeply engaged in continuous research and development and has made substantial progress in the electric compressor and heat pump technologies vital to electric vehicles. Utilising the industry’s top technological expertise, the company is consistently expanding its partnerships with leading global automakers such as Hyundai Motor Group, Ford, Volkswagen, BMW and Mercedes-Benz.

(NOTE: Exchange rate of 1,479.06 KRW / EUR retrieved from Korea Exchange Bank for 3 May 2024.)

A Hankook Tire világszerte innovatív, díjnyertes, kiváló minőségű radiál abroncsokat gyárt személygépkocsik, terepjárók, SUV-ok, könnyű tehergépkocsik, teherautók és buszok, valamint a motorsport számára (körversenyekhez/utcai versenyekhez/ralikhoz).

A Hankook Tire több mint 160 országba szállítja termékeit, és világszinten hozzávetőlegesen 20.000 alkalmazottat foglalkoztat. A világ számos vezető autógyártója első gyári felszerelésként is a Hankook Tire abroncsait választja.

A vállalat mindent megtesz azért, hogy a legmagasabb szinten elégítse ki a vásárlói igényeket a termékek minősége, a technológiai kiválóság és a vezetési élmény területén. Ennek érdekében a Hankook folyamatosan befektet öt kutatás-fejlesztési központjába és nyolc gyártási egységébe. A Hannoveri Technológiai Központban az európai piac igényeire szabva fejlesztik az abroncsokat, különös tekintettel az európai prémium autógyártók első szerelésű abroncsaira.

A Hankook Tire európai központja Neu-Isenburgban található, Frankfurt am Main közelében. A gyártó további fióktelepeket működtet több európai országban, és a termékeit regionális forgalmazókon keresztül értékesíti más helyi piacokon. A cég a 2023-tól kezdődően a FIA ABB Formula E világbajnokság technikai partnerének és exkluzív gumiabroncs-beszállítójának számít a Gen3 esetében. A vállalat globális bevételének kb. 38 százalékát az európai piacokon és a FÁK országaiban realizált értékesítések adják. .

A Hankook Magyarországot választotta európai gyárának helyszínéül. A 885 millió eurós befektetésből a Dunaújváros melletti Rácalmáson a világ egyik legkorszerűbb abroncsgyára épült. A gyár 2007 júniusában kezdte meg működését és azóta is folyamatosan fejlődik, bővül. A cég jelenleg mintegy 3000 alkalmazottat foglalkoztat, és személygépkocsik, SUV-ok és könnyű tehergépkocsik számára gyárt gumiabroncsokat. A harmadik beruházási ütem 2015 tavaszán fejeződött be. A rácalmási gyárban készült termékek az európai piacot szolgálják ki, és megfelelnek a vezető autógyártók előírásainak és igényeinek is.

A Hankook Tire Magyarország Kft. rendelkezik az IATF 16949:2016. autóipari minőségirányítási, ISO 22301 üzletmenet-folytonossági és ISO 45001:2018. munkahelyi egészségvédelmi és biztonsági tanúsítványokkal. A Járműipar autóipari szakmai magazin valamint az Autószektor autós portál az Autós Nagykoalíció közreműködésével 2022-ben az “Év beszállítójának” választotta a magyarországi abroncsgyárat.

További információ: www.hankooktire-mediacenter.com és www.hankooktire.com


Kapcsolat:

Roy Katalin Kommunikációs vezető

Hankook Tire Magyarország Kft.
Kommunikációs Osztály
2459 Rácalmás, Hankook tér 1.
Tel.: +36-25-556-096
Fax : +36-25-556-359
e-mail: pr.hungarythou-shalt-not-spamhankooktire.com

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Hankook & Company Group seeks to secure the management rights of Hanon Systems, the world’s second-largest automotive climate control company

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Katalin Roy

Katalin Roy

Head of Corporate Communications Hungary

+36 25 556114

Dávid Morva

Communication Specialist
 

 +36 25 556 096

Anett Szalai

Communication Assistant
 

 +36 25 556 009

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