Confirming reports from Dec. 16, Hankook Tire Co. announced that it is jointly acquiring stake for Halla Visteon Climate Control Corp. with private equity firm Hahn & Co.
Halla Visteon Climate Corp. is a full-line supplier of automotive thermal management solutions.
The two companies will jointly purchase Visteon Corp.’s 70% stake in Halla Visteon Climate Control Corp. Hankook and Hahn & Co. will hold 19.49% and 50.5% stake, respectively, making Hankook the second largest stakeholder of Halla Visteon Climate Control Corp.
“This significant investment demonstrates Hankook Tire’s continued commitment to growth and to increase its competitiveness worldwide” said Seung Hwa Suh, vice chairman and CEO of Hankook. “We expect to further contribute to global automakers with combined market position and fostering strong synergy.”
HVCC is a full-line supplier of automotive thermal management solutions.