Hankook & Company Group said on the 26th that Bill Lee, governor of Tennessee, visited the Technoplex at the group's headquarters in Pangyo, Gyeonggi Province, on the morning of the 24th and held a roundtable.
During the visit, Governor Lee met with Vice Chairman and Hanon Systems CEO Lee Su-il; Hankook & Company CEO Park Jong-ho; Hankook & Company head of management Kim Jun-hyeon; and Hankook Tire & Technology co-CEOs Ahn Jong-seon and Lee Sang-hoon.
At the roundtable, they discussed ways to strengthen cooperation for the development of the mobility industry, including ▲ creating a business-friendly environment ▲ support at the State Governments level for smooth local market entry ▲ stable energy supply ▲ securing competitive local talent.
Tennessee, which is emerging as a core hub for the North American auto and parts industry, is home to production plants of Hankook & Company (batteries) and Hankook Tire & Technology (tires).
A Hankook & Company Group official said, "We exchanged broad views on the possibility of expanding production and supply chains in the United States between Tennessee and Hankook & Company Group," and added, "From the perspective of research and development business for key auto components in North America such as automotive batteries, thermal management, and tires, we shared the view that there is significant room for complementarity and discussed ways to strengthen cooperation."
Hankook & Company Group completed a Hankook Tire plant in 2017 in Clarksville, Tennessee, and has produced passenger car tires. The plant expansion is underway and could be completed as early as the end of this year. Once the expansion is complete, annual output will increase and the production lineup is expected to expand to commercial vehicle tires such as for trucks and buses.
Tennessee has already continued to provide support for the plant expansion, and the latest visit and talks by Governor Lee are expected to add momentum to further strengthening cooperation.
In Tennessee, not only Hankook & Company Group but also major global corporations such as LG, Hyosung, General Motors (GM), Volkswagen, and Nissan operate production bases.
Recently, construction of joint battery plants by Ford and SK On, and by GM and LG Energy Solution, has been underway, and LG CHEM is building a cathode materials plant locally.
As of the end of last year, 24 Korean corporations invested about $6 billion (about 8.6388 trillion won) and created more than 4,300 jobs in Tennessee, and additional entries by small and midsize domestic companies are following.
A Hankook & Company Group official said, "Tennessee excels in workforce, logistics, and tax environments and offers favorable conditions for our corporations to enter the North American market," and added, "Through collaboration with Tennessee, the North American 'mobility hub,' we will strengthen advanced research and development (R&D), advance our supply chain, and create jobs to further contribute to the national economy."