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Hankook Tire acquires Major German Tire Distributor Reifen-Mueller
Hankook Tire acquires Major German Tire Distributor ‘Reifen-Mueller
Seoul, Korea / Neu-Isenburg, Germany, July 4, 2018 – Global premium tire maker Hankook Tire announced today, that it has agreed to acquire 100% equity stake of ‘Reifen-Mueller’, one of Germany's largest and independent tire wholesalers and retailers. In addition to Reifen-Mueller’s sales distribution affiliate company, ‘Reifen-Mueller KG’, the acquisition will also include ‘Reifen-Mueller GmbH & Co. Runderneuerungswerk KG’ as well.
Reifen-Mueller is one of Germany's leading tire distributors and was founded in 1966. It currently employs more than 700 staff and owns 44 service centers in Germany, selling a wide range of tires from passenger car, and light truck to heavy truck and bus tire segments as well as motorcycle and agricultural tires. Both the current owners, as well as the acting management of Reifen Mueller will continue to serve as group management of the company.
With the acquisition of Reifen-Mueller, Hankook Tire will secure one of the most innovative tire distribution models in Germany, which is to have an extremely competitive automotive market. It will allow the tire maker to expand its distribution channels in Europe, laying down the basis for strengthening the company's global distribution competitiveness.
Furthermore, Hankook Tire will leverage Reifen-Mueller’s 44 service centers as strategic bases to expand its business by solidifying its distribution networks. Through the distribution network that sells global multi-brands along with its own products, Hankook Tire will further complete the existing customer-oriented distribution system that thoroughly reflects the needs of consumers.
This acquisition puts additional spurt on enhancing Hankook Tire’s global distribution business and establishing an innovative distribution system. In 2017, it acquired Australia’s one of the top retail franchise channel ‘JAX TYRES’. This not only contributed to increasing the sales in Australia, but also enabled Hankook Tire to apply JAX TYRES’ advanced distribution system to its 4,000 direct and franchised distribution channels globally.
Hankook Tire will continue to successfully follow its organic growth strategy by building large scale manufacturing plants and R&D centers, and establishing innovative distribution networks to strengthen its global positioning as a leading tire company. It will also engage in consistent M&A investments with partners that can provide maximum synergy to reinforce its global competitiveness.
About Hankook Tire Co., Ltd.
Hankook Tire (President & CEO Hyun Bum Cho) is dedicated to leading the industry in innovation with its proven technological excellence. It offers award-winning products through five R&D centers and eight production facilities around the world. It is also committed to actively investing in the expansion of its core capabilities, allowing the company to deliver consumers the utmost in driving satisfaction. Hankook Tire produces superior quality, high performance radial tires for passenger cars, 4x4s, SUVs, light trucks, campers, trucks, buses and motorsport vehicles. It currently employs approximately 22,000 people around the world, and its products are available in over 180 countries. It has been included in the Dow Jones Sustainability World Indices (DJSI World) for two consecutive years since 2016.
For more information, visit Hankook Tire’s global website at www.hankooktire.com/global.