Hankook Tire Co., Ltd. said recently that it has taken measures to reduce tire production given its record-breaking inventory.
It is said that the number of unsold tires of Hankook has reached 660,000, which is the highest level since the company was founded in 1941. Total inventory is equivalent to 8.5% of the company's monthly production. The increase in the number of unsold tires was due to the fact that demand did not increase as originally expected, and the company expanded its production capacity globally. Hankook Tire currently owns seven tire production plants in South Korea, China, Indonesia and Hungary.
From a regional perspective, Hankook Indonesia’s tire business has the largest inventory of 234,150, accounting for 35.5% of the company’s total inventory. Next are the Daejeon factory in South Korea and the Chongqing plant in China, with 187,980 tires and 109,058 tires for sale. The company said that as of May this year, Indonesia and Chongqing factories had 13 days and 16 days of normal operation. In June, the two factories were suspended again for several days. In addition, in July Hankow China's Jiangsu plant also suspended production for several days.
Hankook Tire recently stated that it will build its eighth production plant in Tennessee, USA in January 2015. Once fully operational, the plant will produce 32,000 tires a day, or 11 million tires a year.
In 2013, Hankook ranked 7th in world production capacity with an annual output of 93 million tires, sales of 7.6 trillion won, and operating profit of approximately 1.31 trillion won.
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