LOUISVILLE, Ky. — Hankook Tire announced its emphasis on research and development is paying off, with the company reaching US$3.4 billion in global sales in 2007.
The company says this cements its place as the fastest-growing tire manufacturer in the world. Sales in North America increased more than 9.5% in 2007 compared to the prior year. Hankook officials say the company commits about 5% of its revenue to research and development.
“Despite a challenging year for the industry as a whole, improving the quality and reputation of our products has allowed us to build margins without adversely affecting our sales growth in both new and established markets,” said Hankook CEO, Seung Hwa Suh.
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