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Hankook Tire acquires German tire outlet to diversify operations

All Headlines 10:31 July 04, 2018

SEOUL, July 4 (Yonhap) -- Hankook Tire Manufacturing Co., the world's seventh-biggest tiremaker by sales, has acquired German tire outlet Reifen-Muller as part of its business diversification strategy, the company said Wednesday.

The South Korean tire manufacturer took over the entire stake of the German tire wholesale and retail company as part of its efforts to secure a new growth driver, Hankook Tire said in a statement.

The company didn't give the exact acquisition price but said it is around 100 billion won (US$90 million).

"We expect to sell Hankook Tire products through Reifen-Muller's 44 outlets in the mid and southern part of Germany and promote Hankook products in other areas," a company spokesman said.

In 2017, Hankook Tire acquired Jax Tyres, Australia's biggest tire outlet, to expand its tire manufacturing-centered business portfolio, the statement said.

This file photo provided by Hankook Tire shows a Reifen-Muller outlet in Germany. (Yonhap)

kyongae.choi@yna.co.kr
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