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June 10, 2003

SOUTH KOREA: Hankook Tyre inks another Ford contract

South Korea's Hankook Tyre Manufacturing Company has signed a $US100 million contract with Ford to supply 550,000 tyres each year over the next five years, the tyre-maker said in a statement on Tuesday, according to Dow Jones.

By bcusack

South Korea’s Hankook Tyre Manufacturing Company has signed a $US100 million contract with Ford to supply 550,000 tyres each year over the next five years, the tyre-maker said in a statement on Tuesday, according to Dow Jones.

Hankook-branded tyres are to be used on Ford’s F-150 pickup, the report said, noting that Ford sold more than a million of the popular trucks in 2002.

Including the latest contract, Hankook Tyre’s sales to Ford are to reach $40 million, or 1.35 million units this year, from 800,000 units last year, Dow Jones said.

Since it began supplying tyres to Ford in 1999, Hankook Tire has supplied tyres for Ford vehicles such as Escape and Focus, the report added.

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