Seoul, Korea / Neu-Isenburg, Germany, May 23, 2018 – On 10th May, premium tyre maker Hankook announced the acquisition of a 75 per cent equity stake of Model Solution Ltd; a high-tech digital prototype company for 68.6 billion KRW (approximately 53.5 million Euro).

The tyre maker plans to incorporate Model Solution as an affiliate company. Hankook Tire’s share of 75 per cent in Model Solution will consist of a 51per cent stake from the UK electronics company Laird and a 24 per cent stake from the global private equity firm Crescendo Equity Partners.

The high-tech digital prototype company Model Solution, founded in 1993, designs and manufactures prototypes and molds for IT equipment such as electronic and medical devices. In 2007, the company started to work in the field of prototype solution services and is currently serving 420 clients worldwide.

Possessing the best technical and design skills in the field, Model Solution provides first-class design and prototyping support. Moreover, through constantly developing high-tech skills such as 3D-printing, the company is leading the prototype industry.

This acquisition is part of Hankook Tire’s plans to strengthen its investment in promising technologies. Through active mergers and acquisitions of high-tech corporations, the tyre maker aims to secure a new growth engine. Furthermore, the synergy effect with existing cooperations can be maximised by bringing together Model Solution’s expertise and the processing techniques of Hankook Tire’s affiliate M&K Technology, a super-size mold equipment company.

Along with the takeover, Hankook Tire aims to solidify its new growth focussing on technology, brand and network in order to increase quality and strengthen its competitiveness.