Korea & Company Group Meets with Tennessee Governor to "Strengthen Support and Cooperation"

Enhancing Supply Chain Sophistication and Contributing Further to the National Economy

Korea & Company Group announced on the 26th that Bill Lee, Governor of Tennessee, USA, visited the Techno Plex headquarters in Pangyo, Gyeonggi Province, on the 24th, where he met with Sooil Lee, Vice Chairman of Korea & Company Group and CEO of Hanon Systems; Park Jongho, CEO of Korea & Company Group; Kim Junhyun, Chief Operating Officer of Korea & Company Group; and Ahn Jongseon and Lee Sanghoon, Co-CEOs of Hankook Tire & Technology.

Sooil Lee, Vice Chairman of Korea & Company Group (fourth from left), held a meeting with Bill Lee, Governor of Tennessee, USA, on the 24th at the Techno Plex headquarters in Pangyo, Seongnam, Gyeonggi Province, discussing ways to strengthen cooperation between the two sides. Korea & Company Group

During the meeting, both sides reportedly discussed ways to strengthen cooperation for the development of the mobility industry, including the creation of a business-friendly environment, state-level support for smooth local market entry, stable energy supply, and securing a competitive local workforce.

Korea & Company Group stated, "We exchanged broad views on the potential to expand production and supply chains in the United States between Tennessee and Korea & Company Group. From the perspective of research and development business for key automotive components such as automotive batteries, thermal management, and tires in North America, both sides recognized significant potential for mutual complementarity and discussed ways to strengthen cooperation."

Tennessee, which is emerging as a key hub for the North American automotive and parts industry, is home to production plants of Korea & Company Group (batteries) and Hankook Tire & Technology (tires).

Korea & Company Group completed the Hankook Tire plant in Clarksville, Tennessee, in 2017 and has been producing passenger car tires there. The plant is currently undergoing expansion, with construction expected to be completed as early as the end of this year. Once the expansion is finished, the annual production capacity will increase, and the product lineup will be expanded to include tires for commercial vehicles such as trucks and buses. The company added that Governor Lee’s visit and discussions are expected to further accelerate additional cooperation.

A Korea & Company Group representative said, "Tennessee offers excellent conditions for our entry into the North American market, including workforce, logistics, and tax environment. Through collaboration with Tennessee, the 'mobility hub' of North America, we expect to strengthen advanced research and development, enhance supply chain sophistication, and create jobs, thereby further contributing to the national economy as emphasized by Chairman Cho Hyunbum."