Hankook Tire to invest $1.6 billion in Tennessee plant expansion

— Expansion to provide an additional 1,200 jobs in Clarksville, Tennessee. ■ area

— The state-of-the-art facility, through two expansion projects, will more than double the number of locally produced tires to a total of 12 million

— Phase 3 will include local production of TBR tires in addition to Phase 2 expansion to increase PC/LT capacity

NASHVILLE, Tennessee., August 29, 2022 /PRNewswire/ — Leading global tire manufacturer Hankook Tire announced today that its Board of Directors has approved 1.6 billion dollars investment to expand its Tennessee plant located in Clarksville, Tennessee. The investment includes the previously planned Phase 2 expansion, which will double Hankook’s passenger car and light truck (PC/LT) tire production capacity, and adds a Phase 3 expansion with the company’s first US production of truck, bus and radial tires (TBR). The addition of the Phase 3 expansion project will bring an additional 400 jobs to the Clarksville area, for a total of 1,200 new jobs.

Hankook will double US PC/LT production to 11 million units and enable production of 1 million TBR tires per year. The expansion also brings Hankook’s total investment in the area to 2.2 billion dollars and will allow the company to continue to provide tire dealers and consumers with high-quality tires and industry-leading service to meet the demands of the US market while supporting existing and future Original Equipment (OE) partners.

“The investment in our Tennessee plant further demonstrates Hankook’s growing presence in the US and commitment to serving our customers,” they said Suil LeeCEO of Hankook Tire & Technology and President of Hankook Tire America Corp. “Through a focus on sustainable construction and innovative manufacturing, the new phase of our Tennessee plant will provide an efficient local-to-local supply chain to more efficiently meet customer demand. Additionally, we are extremely proud to continue to support the local economy , creating 1,200 new jobs in Clarksville ■ area.”

Since Hankook’s state-of-the-art plant in Tennessee opened in October 2017, Hankook produced 5.5 million tires annually for the North American market and created 950 jobs. The North American market accounts for more than 28% of Hankook’s total tire sales in 2021.

“This production expansion is a vital step toward our growth in the medium-duty truck market, making Hankook one of the few manufacturers producing TBR products in the U.S.,” they said Rob WilliamsSenior Vice President, North American Sales, Hankook Tire America Corp. “As a result, we can better meet the needs of both our growing dealer base and the fleets that serve North American shipping lanes.”

Hankook is expected to break ground on the new plant in early 2023, subject to final agreements, regulatory approvals and other conditions. Tire production at the new phases of the plant will begin in the fourth quarter of 2024 and reach full capacity by early 2026.

“Global brands like Hankook Tire choose to invest Tennessee because of our strong business climate, skilled workforce and central location,” said Tennessee Governor Bill Lee. “Thank you to Hankook for its continued investment in our state and for creating 400 new manufacturing jobs for Tennesseans in Montgomery County.”

Hankook’s Tennessee plant is located off International Boulevard, in the southern part of the Corporate Business Park.

About Hankook Tire America Corp.

Hankook Tire America Corp. is a growing leader in the US tire market, using investments in technology, manufacturing and marketing to deliver high-quality, reliable products that are safer for consumers and the environment. Headquarters in Nashville, Tennessee.Hankook Tire America Corp. markets and distributes a full line of high and ultra-high performance passenger tires, light truck and SUV tires, and midsize truck and bus tires in United States. Hankook Tire America Corp. is a subsidiary of Hankook Tire & Technology Co., Ltd., a Forbes Global 2000 company headquartered in Seoul, Korea.

SOURCE Hankook Tire America Corp.

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