Hankook Subsidiary First Korean Prototype Company on KOSDAQ - Tire Review Magazine

Hankook Subsidiary First Korean Prototype Company on KOSDAQ

Model Solution, a subsidiary of Hankook & Company, became the first Korean prototype company to be listed on the KOSDAQ (the NASDAQ’s Korean Equivalent), Hankook says. The company passed the preliminary examination of KOSDAQ listing requirements in July, followed by submitting a registration statement and forecasting demands from investors, both general and institutional.

Specifically, Model Solution says the demand forecast conducted on Sept. 19 and 20 recorded a high

Founded in 1993, Model Solution is a total solution provider that serves product development from design to prototypes, Computer Numerical Control (CNC) machining, and contract manufacturing for various sectors, including electronics, medical devices, consumer goods, robotics and the automotive field.

Since being acquired by Hankook, Model Solution recorded an average operating profit margin of 14% through last year. The company accrued 61.1 billion KRW (roughly $43 million USD) in sales and had an operating profit of 8.9 billion KRW ($6.2 billion USD), a growth of 9.8% and 32.1% from 2020, respectively. The sales for the first half of this year logged 32.2 billion KRW ($22 million USD).

Model Solution’s Expansion

As a result of this growth, Model Solution has established a new integrated operation center in Ojeong Industrial Complex in Bucheon, Korea, the company says.

Model Solution has also created a new business division to oversee contract manufacturing for low-to-medium production in the Bucheon center since march. Since July, the tooling and molding division has also moved to the new Bucheon center. The company plans to finish moving its precision CNC machining division by the first quarter of 2023.

Model Solution will operate out of three business locations and one global sales base through this expansion. These locations include two operating facilities in Doksan-dong, Seoul, the integrated operation center in Bucheon, and its North American sales base in Silicon Valley in the US. In addition, the company says it will establish a new sales base in the Eastern US and Germany to increase its presence in the global market.

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