KOREA (SOUTH)/GERMANY: Hankook Tire acquires German tire outlet to diversify operations

Hankook Tire Manufacturing Co., the world's seventh-biggest tiremaker by sales, has acquired German tire outlet Reifen-Muller as part of its business diversification strategy, the company said Wednesday (4 July 2018).

The South Korean tire manufacturer took over the entire stake of the German tire wholesale and retail company as part of its efforts to secure a new growth driver, Hankook Tire said in a statement. The company didn't give the exact acquisition price but said it is around KRW 100 billion (USD 90 million).

"We expect to sell Hankook Tire products through Reifen-Muller's 44 outlets in the mid and southern part of Germany and promote Hankook products in other areas," a company spokesman said.

Source: Yonhap News Agency, Seoul; 4 July 2018
(Syed Rashid Ali, Karachi, Pakistan)