Michelin Increases its Stake in Hankook

GREENVILLE, SC -- Groupe Michelin has boosted its equity investment in Hankook Tire Co. to nearly 10 percent, up from 8.9 percent, the amount to which Michelin increased on June 18, according to Modern Tire Dealer magazine. The two companies joined forces in early 2003, agreeing to cooperate in the areas of research and development, manufacturing, and distribution in certain markets.

Michelin is the second largest tire manufacturer in the world in terms of sales. It achieved $21.7 billion in sales during 2007. Hankook is the seventh largest tiremaker with global sales of $3.5 billion last year.