14 October 2013

Hankook Tire to invest $800 million and create 1,800 new jobs in Clarksville, Tennessee

Nashville - 14 October 2013 - Hankook Tire Co., Ltd. will locate its first U.S. manufacturing facility at the Clarksville Corporate Business Park in Montgomery County, Tennessee. Hankook Tire, a worldwide manufacturer of superior quality and high performance radial tires, will invest $800 million in a state-of-the-art manufacturing facility and create 1,800 new jobs in Clarksville. The company is expected to break ground on the new plant by the end of 2014 and begin tire production by 2016.

Becoming the largest tenant at the Clarksville Corporate Business Park, Hankook Tire plans to build its facility on 469 acres over the next few years. Construction is scheduled to begin in 2014 and will result in a 1.5 million square foot advanced manufacturing facility which will produce high-end performance tires.

“I want to thank Hankook Tire for its substantial investment in Tennessee and for the 1,800 jobs they’ll create in Montgomery County,” Tennessee Gov. Bill Haslam said. “The auto sector is a key industry cluster where Tennessee has a distinct advantage with more than 900 auto suppliers and manufacturers, and today’s announcement reinforces our goal of becoming the No. 1 location in the Southeast for high quality jobs.”

Tennessee’s automotive sector, the largest in the South in terms of employment, has led the state’s post-recession economic recovery having generated over 12 percent of the state’s job creation since the recession and more than one-third of the manufacturing sector’s output growth since 2010. The automotive industry includes 910 companies employing 113,148 Tennesseans and investing $31.5 billion.

“As our brand continues to gain recognition in the United States and demand for our industry-leading tire products continues to grow here, establishing a manufacturing facility in the U.S. further demonstrates our commitment to delivering high quality products and service to the market, and is the next natural phase for our continued growth,” Mr. Seung Hwa Suh, Vice Chairman and CEO of Hankook Tire, said.

Founded in 1941 in Korea, Hankook Tire is one of the fastest growing tire companies in the world. With approximately 20,000 employees and five state-of-the-art R&D centers, Hankook Tire produces superior quality and high performance radial tires at its seven manufacturing facilities in four different countries, and its products are available in more than 180 countries. The U.S. plant in Clarksville will be the company’s eighth production facility.

Source: Tennessee Department of Economic and Community Development