S. Korea's Hankook Tire acquires Germany retailer Reifen-Müller

By Lim Chang-won Posted : July 4, 2018, 09:28 Updated : July 4, 2018, 09:28

[Courtesy of Reifen-Müller]

​SEOUL -- Hankook Tire, a major South Korean tire maker, has acquired Reifen-Müller, a German tire retailer, in an effort to build an integrated distribution system in Europe, company officials said.

Reifen-Müller with 44 stores in Germany will be Hankook Tire's wholly-owned subsidiary that will help the world's seventh largest tire company expand its distribution system throughout Europe.

"To strengthen our global brand position, we will strengthen our successful organic growth strategy by building large-scale production facilities, research and development centers and an innovative distribution network," a Hankook Tire official said.

"We will also strengthen our global competitiveness through the acquisition of companies that can maximize synergy and intensive investments," the official said.

Hankook Tire, which has plants in China, Hungary, Indonesia and the United States, has strengthened its global distribution competitiveness. In 2017, the company acquired JAX Tyres, an Australian network of franchised outlets.

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