Hankook Tire Establishes Austrian Subsidiary to Target European Market

[Asia Economy Reporter Suyeon Woo] Hankook Tire & Technology announced on the 9th that it will establish an overseas corporation in Schwechat, Vienna, Austria, dedicated to Austria and Switzerland.

With the establishment of the new corporation, Hankook Tire will be able to provide direct services to the Austrian and Swiss markets and plans to actively expand its market share in Europe.

Hankook Tire, which already has a business network across Europe including Germany, the United Kingdom, France, Hungary, Spain, Sweden, Russia, Ukraine, and Turkey, will further strengthen its foundation for strategic expansion in the European market through the establishment of the new corporation.

Through its activities in Europe and other global markets, Hankook Tire ranks 6th in the world tire market by sales revenue, achieving over 85% of its total sales overseas. With eight production facilities worldwide (Korea, China, the United States, Indonesia, Hungary) and five R&D centers (Korea, China, the United States, Germany, Japan), it sells tires in more than 180 countries, contributing to national economic growth through increased exports.