• Completing Three Core Portfolios: Tires, Batteries, and Thermal Management, to Become a Global High-Tech Leader
• A Decade of Investment Results in Successful Integration, Synergy, and Improved Financial Structure
• Soo Il Lee Appointed CEO of Hanon Systems, Bringing Proven Leadership to the Organization

SEOUL, South Korea, Jan. 7, 2025 — Hankook & Company Group (Chairman Cho Hyun-Bum) announced on January 6 that it has finalized the acquisition of Hanon Systems, a leading global automotive thermal management solutions provider.

This acquisition concludes a ten-year journey, beginning with Hankook & Company Group’s 19.4% stake acquisition in 2014. On December 22, 2024, the Group acquired 144,962,552 new shares through a rights offering, followed by the purchase of 122,774,000 shares from Hahn & Company on January 3, 2025. This resulted in a 54.77% ownership stake, making the Group the majority shareholder.

Consequently, Hanon Systems officially became a Hankook & Company Group subsidiary. This acquisition boosts the Group’s global assets to approximately KRW 27 trillion, ranking it among Korea’s top 30 largest companies by net assets.

“Tires, Batteries, Thermal Management”: Core Business Strategy Achieved

Established as Halla Climate Control in 1986, Hanon Systems has evolved into a major global supplier of automotive thermal and energy management solutions. Following a name change to Halla Visteon Climate Control in 2013, it became Hanon Systems in 2015 under the majority ownership of Hankook Tire & Technology and Hahn & Company.

This acquisition solidifies Hankook & Company Group’s position as a comprehensive automotive parts supplier. The Group’s decade-long engagement with Hanon Systems, coupled with a thorough synergy assessment across its tire, battery, and thermal management portfolios, led to this acquisition of a leading thermal management solutions provider.

Hanon Systems’ advanced thermal energy management systems are crucial for electric vehicle (EV) battery performance. This acquisition positions the Group as a high-tech leader in the automotive sector, given the importance of thermal management in improving engine, battery, and electronic component efficiency and safety.

A Hankook & Company Group representative stated, “This significant acquisition completes our core mobility portfolio of tires, batteries, and thermal management, establishing us as a global high-tech leader.”

Synergy and Financial Strength

Hankook & Company Group intends to maximize synergies by integrating resources and technology. The Group plans to utilize its global sales network and streamline its supply chain management (SCM), including raw material procurement.

Operational efficiency will be enhanced through improved IT infrastructure and workflows, while a unified corporate culture based on its “Proactive Culture” will foster collaboration. This integrated approach will drive seamless organizational synergy.

The Group previously stated, “This acquisition will leverage Hanon Systems’ technological capabilities and resources for even greater impact. With decades of accumulated expertise and assets across all affiliates, we are prepared to lead in the future of mobility and achieve significant growth.”

Soo Il Lee Appointed as CEO of Hanon Systems

On January 3, Hanon Systems held a special meeting at its Daejeon, South Korea headquarters, appointing Soo Il Lee, Vice Chairman of Hankook Tire, as its new CEO.

With a 37-year career at Hankook Tire, Mr. Lee is considered ideally suited to integrate Hankook & Company Group’s successful practices into Hanon Systems. His career at Hankook Tire, beginning in 1987, included leadership roles such as Head of Marketing, Americas Regional Director, China Regional Director, and Business Operations Director. He served as President & CEO from 2018 and as Vice Chairman from 2024.

A Hankook & Company Group representative noted, “Soo Il Lee, the newly appointed CEO of Hanon Systems, will be instrumental in ensuring a smooth integration, improving financial performance, and driving synergy despite market uncertainties. Our focus will be on strengthening internal capabilities, aligning cultures and operations, and maximizing Hanon Systems’ potential as a global leader in its industry.”

Photo –
Logo –