Hankook Tire sets sales records in fiscal 2008 amid current economic climate
- Global sales increase of approximately 26% at KRW 4.07 trillion amidst the current economic conditions
- Profitable UHP tire sales increase of 35% year on year
- Hankook Tire targets global sales of KRW 4.3 trillion for 2009
SEOUL, KOREA 19th, January - One of the fastest growing global Tire manufacturers, Hankook Tire (www.hankooktire.com) announced global sales records of KRW 4.07 trillion (US$ 3.7 billion, € 2.5 billion ) in 2008.
Amidst the current economic turmoil, Hankook Tire continued to show an increase in the company’s global sales, where a 5.1% increase in sales, compared to their target record of KRW 3.9 trillion in 2008 was achieved. In particular, various regions showed significant growth rate in sales, Russia saw an increase of 98%, followed by a 50% increase in Central and South America. With continuing growth through various channels worldwide, and recent involvements with new automobile companies, as well as an increasing number of sales in ultra-high performance (UHP) tires, Hankook Tire has sustained the company’s growth in sales in 2008.
Sales of Hankook Tire’s ultra-high performance (UHP) tires in 2008 experienced positive results with a 35% increase in sales. In the Europe region alone, a sales increase of 48% was achieved, followed by sales results increases in Latin America and Asia-Middle East regions (27%), United States (21%), along with a 42% increase in original equipment (OE) sales.
On UHP sales, Chief Executive Officer, Mr. Seung Hwa Suh said, “Our continuous efforts for new partnerships with various automobile institutions and the tailoring of our products to the current environmental sustainability standards has allowed us to deliver quality products to our consumers by leveraging our Kontrol Technology in the development of our UHP products.”
Hankook Tire remains positive about growth prospects for 2009. The company is aggressively targeting global sales approaching approximately KRW 4.33 trillion. This target reflects the continuous efforts of Hankook Tire’s maintenance of investments in technology, brand reputation, and on-going support of the consumers’ needs amidst the forecasts of the 2009 economic year.
Mr. Suh said, “I am pleased with our results this year, and look forward to the year ahead. Despite the current economic climate, I believe that Hankook Tire will be able to move forward by continuing to take our utmost efforts in tailoring to the needs of each and every market worldwide through on-going research and development for innovative products. We hope to increase distribution, and strengthen our brand value by providing quality products and growing as a strategically strong company that carries effective corporate management and manpower with in Hankook Tire, world wide.”
2008 Consolidated Profit (KRW) ? Tire Sales Only [Unit: Billion Won]
2008 Consolidated Profit (USD) ? Tire Sales Only [Unit: Million USD]
Exchange Rate: Percentage changes differ because of exchange fluctuations
*Annual foreign exchange average (Exchange rate of Korea Exchange Bank)
** 2009 Corporate exchange rate (E). This is subjected to change.
||2007 average KRW*
||2008 average KRW*
||2009 forecast KRW (E)**
About Hankook Tire Co., Ltd
Hankook Tire (CEO: Seung Hwa Suh) is the seventh largest and one of the fastest growing tire manufacturers in the world. It produces innovative, superior quality, and high performance radial tires for passenger cars, 4x4, SUVs, light trucks, campers, trucks, buses and for automobile motorsport. It invests approximately five per cent of revenue in research and development and develops cutting-edge technologies through its five global R&D Centers meeting regional customer demands and enhancing customer satisfaction. Selling in 185 countries around the world, the company has more than 14,000 employees. Approximately 70 percent of revenue comes from growing overseas sales.
Contact Point: Corporate Communications Team, Hankook Tire
|Calvin Pak / Team Manager
|Anthony Kim / PR Manager
|JooSeung Lee / Asst. PR Mgr.
Contact Point: News Communications