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Hankook Tire Expands Footprint: New Moroccan Branch Signals Growth in African Market
In a strategic move to strengthen its presence in North Africa, premium tire manufacturer Hankook has established its first commercial branch in Morocco. This expansion marks a significant step in the company's efforts to penetrate the African market, with operations being driven by Hankook's European headquarters.
The new Moroccan subsidiary promises to offer a diverse range of innovative, high-quality products to local customers. These offerings are backed by Hankook's global research centers, numerous patents, and cutting-edge technological advancements. The branch will cater to various vehicle types, including passenger cars, vans, SUVs, recreational vehicles, trucks, and buses.
At the helm of this new venture is Don Yi Jeon, recently appointed as General Manager. Jeon brings a wealth of experience to the role, having served in various marketing and sales positions at Hankook's South Korean headquarters since 2007. His previous role as Senior Director of the Dubai sales office, overseeing the Middle East and Africa region, positions him well to lead the company's expansion in Morocco.
Sanghoon Lee, President and COO of Hankook Tire Europe, expressed confidence in the new branch's potential. "This new office in Morocco is an important step in strengthening our presence in North Africa," Lee stated. He emphasized the company's expectations for increased market share and the development of innovative, sustainable solutions tailored to local customer needs under Jeon's leadership.
Hankook's expansion aligns with Morocco's push for more eco-friendly practices. The company has voiced its commitment to reducing its carbon footprint and actively invests in research and development to create tires from recycled and renewable materials.
The tire manufacturer's reputation precedes it, with approximately 38% of its global sales generated in Europe. Hankook is a trusted supplier of original equipment tires to major international automakers, producing around 102 million tires annually. The company's product range extends beyond tires to include batteries, alloy wheels, and brake pads.
This strategic expansion not only broadens Hankook's market reach but also promises to provide Moroccan customers with greater access to high-quality tire options. As the automotive industry in North Africa continues to grow, Hankook's presence is likely to play a significant role in meeting the region's increasing demand for premium tire products.