Hankook & Company Group, previously known as Hankook Tire Group, has announced its acquisition of a 54.77% stake in Hanon Systems, a global leader in automotive thermal management systems. The deal, finalised on 31 October 2024, was carried out through Hankook Tire & Technology as part of the group’s strategy to strengthen its position in the rapidly evolving electric vehicle (EV) market.
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The acquisition follows a memorandum of understanding (MOU) signed with Hahn & Company in May 2024, marking 180 days of negotiations to complete the share purchase agreement (SPA). By integrating Hanon Systems’ advanced technologies with Hankook’s extensive resources, the group aims to accelerate innovation and growth across both organisations.
Hanon Systems, one of the largest suppliers of vehicle thermal management systems globally, brings cutting-edge expertise in climate control and energy efficiency solutions essential for EVs. Hyunbum Cho, Chairman of Hankook & Company Group, emphasised the transformative potential of this acquisition:
“The company will leverage all resources, including the holding company, to maximise synergies with Hanon Systems. 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.”
The collaboration will focus on leveraging global sales networks, integrating supply chain management (SCM) capabilities such as raw material procurement, and combining IT infrastructure and business processes.
By acquiring Hanon Systems, Hankook & Company Group aims to position itself as a leading player in future mobility technology, especially in the electric vehicle sector, where thermal management systems play a critical role in optimising performance and energy efficiency.
A spokesperson for Hankook & Company Group commented:
“Chairman Cho’s innovation management and the employees’ proactive capabilities have led to good results. The company will continue communicating with stakeholders to finalise the remaining procedures and position itself as an innovation leader in the future of mobility technology.”
The acquisition is expected to be fully completed by the end of 2024, subject to legal and regulatory approvals. This move aligns with Hankook & Company Group’s broader vision of expanding its influence across the automotive supply chain while setting new benchmarks in sustainability and innovation for the electric vehicle era.
