Hankook entered into a share purchase agreement with Hahn & Company for the acquisition of Hanon Systems. As a result, Hankook now holds 54.77% of the shares in Hanon Systems – a manufacturer of automotive components and one of the largest suppliers of vehicle thermal management systems.
The agreement was finalized 180 days after Hankook & Company Group and Hahn & Company signed a memorandum of understanding (MOU) in May. Hankook chairman Hyunbum Cho’s strategic approach was key to closing this deal. Over the past decade, he has strategically invested in and validated Hanon Systems, envisioning it as a key component in Hankook Group’s growth as a global high-tech company.
With this acquisition, Hankook & Company Group completes its mobility portfolio, which includes tires, batteries and thermal management systems.A company spokesperson stated, “Hankook & Company Group is now beginning a new phase as a truly global high-tech corporation, enhancing our value and global presence.”
Hankook and Hanon Systems aim to maximize synergies by integrating resources and technology to drive future growth. Both companies plan to share their global sales networks and consolidate supply chain management (SCM) capabilities, including raw material sourcing. Cho said, “This acquisition will serve as a pivotal moment for Hanon Systems’ advanced technological capabilities and unique strengths, generating even greater momentum. With the assets of both companies, including personnel and expertise, we will secure the group’s strongest position in the electric-vehicle era.”
Hankook & Company Group aims to complete the Hanon Systems acquisition by the end of this year. It has revealed that prior to signing the final agreement, it received antitrust approval from authorities in the United States, the European Union, Canada, China, Turkey and Mexico.
