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Hankook's New Tire Production Plant Under Construction in Tennessee
SEOUL, Korea—Construction is under way for a new U.S.-based tire manufacturing plant that Korea-based Hankook Tire is planning to open in Clarksville, Tennessee in 2016. The company held a groundbreaking ceremony last October for the new plant, Hankook’s eighth global production base and its first U.S.-based facility. The celebratory event took place at the plant site in Clarksville, Tennessee, with the presence of State of Tennessee Governor, Bill Haslam. Also present were local and state officials, as well as media representatives.
The plant will secure production capacity of 12 million tires, mostly for regional supplies in the North American market, according to a release from Hankook Tire. It is expected to enable more efficient tire distribution in the market and to open more opportunities to strengthen the company’s business engagement with U.S.-based automakers for original equipment tire supplies. The additional production capacity from this plant will help increase Hankook’s annual global production to over 100 million tires, company representatives say.
“Today marks an important milestone in our 73-year history as a tire maker,” said Mr. Seung Hwa Suh, vice chairman and CEO of Hankook Tire, in the press release. “The new Tennessee Plant will be a pivotal instrument to accommodate our growing business in the United States and also to propel a well-balanced global production portfolio. Combined with our advanced technological capability, the newest plant will create premium value and solidify our presence as a top-tier player in the global tire industry.”
Hankook Tire is building the plant on an aggregated land area of 469 acres, and will invest USD $800 million for its construction. With this investment in place, the new plant will be equipped with “state-of-the-art tire production facilities” and will provide an optimal work environment, company representatives say. It also creates approximately 1,800 full-time jobs in the region.
Hankook Tire produces radial tires for passenger cars, 4x4s, SUVs, light trucks, campers, trucks, buses, and motorsports at its seven manufacturing facilities in four different countries. The company also intensively invests in research and development via five R&D centers around the world.
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