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Hankook Tire takes over control of Hanon Systems

By Yonhap

Published : May 3, 2024 - 19:38

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The headquarters of Hankook Tire & Technology situated in Seongnam, Gyeonggi Province. (Hankook Tire & Technology) The headquarters of Hankook Tire & Technology situated in Seongnam, Gyeonggi Province. (Hankook Tire & Technology)

Hankook Tire and Technology Co. on Friday reached a deal to buy a controlling stake in Hanon Systems Corp., the world's second-largest heat pump systems maker for automobiles, for 1.73 trillion won ($1.27 billion).

Under the deal with private equity firm Hahn & Co., Hankook Tire will buy a 25 percent stake in Hanon Systems and an additional interest via rights offerings.

Hankook Tire already owns 19.49 percent in Hanon Systems after spending 1.08 trillion won in 2014.

With the additional stake purchases, Hankook Tire will own a 50.53 percent stake in Hanon Systems, the company said.

The deal will be completed by the end of the year.

Hanon Systems logged sales of 9.56 trillion won last year and operates 53 production facilities in 21 countries. The company is in partnerships with global automakers, such as Hyundai Motor, Volkswagen and BMW. (Yonhap)