By Denna Bowman
Hankook tyres achieved almost 20 per cent growth in year-on-year sales for 2009, according to its latest statistics.
The South Korean tyres manufacturer saw sales soar to $3.9 billion during 2009, an 18% increase over 2008 levels.
Also in 2009, company posted an operating profit of $446 million, a five-fold increase from profits achieved the previous year.
Hankook attributes the gains to several factors, including a 9.6% year-over-year increase in global ultra-high performance tyre sales.
While its global original equipment tyre sales grew by a staggering 129%, according to Hankook officials.
Hankook stated: “Another key driver… was the establishment of solid footholds in diverse regions, embracing the economic downturn as an opportunity to capture market share and actively respond to customer demand.”
Looking ahead to the new year, Hankook is targeting global sales of more than 5.1 trillion won.
Seung Hwa Suh, CEO and Vice Chairman of Hankook, said: “We also aim to expand the global customers’ trust through ongoing efforts for customer safety and the environment as a leading global company.”
Hankook is widely reported to be the seventh largest global tyre manufacturer in terms of new tyre sales, according to the Modern Tyre Dealer.