Hankook Tire has announced that it has agreed to acquire the stake of Halla Visteon Climate Control Corp. (HVCC). Hankook Tire and the private equity firm Hahn & Company hold 19.49 per cent and 50.5 per cent stake respectively. With this acquisition, Hankook Tire becomes the second largest stakeholder of Halla Visteon Climate Control Corp.
Hankook Tire decided on the purchase of shares recognizing HVCC’s stable operating and financial performance in the automotive industry with its global portfolio. It now expects to generate synergistic opportunities through sharing of accumulated global business strategy and knowledge.
“This significant investment demonstrates Hankook Tire’s continued commitment to growth and to increase its competitiveness worldwide”, said Mr. Seung Hwa Suh, its Vice Chairman and CEO. “We expect to further contribute to global automakers with a combined market position and fostering strong synergy.”
HVCC is a full-line supplier of automotive thermal management solutions. It partners with virtually every vehicle manufacturer worldwide and is recognized for its world-class technology and superior product quality.