On Jan. 23, Hankook Tire Co. acquired a 100% share of Jax Tyres, Australia’s largest tire retailer.

Through the acquisition, Hankook Tire plans to grow into a global top-tier company by expanding customer relationships and strengthening its competitiveness in the B2C distribution sector as a mainstay of new business, the tiremaker said. The tiremaker plans to expand not only through plant establishment, but also through distribution channels and premium Services.

“We will solidify the position as the global top tier brand by extending the role of holding company,” said Seung Hwa Suh, vice chairman and CEO of Hankook Tire. “We will concentrate more on enhancing global competitiveness by diversifying the inorganic business in the automotive sector based on organic growth of tire.”

Jax Tyres is a tire retail and a distribution franchise that currently operates 83 franchise stores.

Unlike ordinary tire stores, all of Jax Tyres¹ stores are similar to a luxury car dealership, Hankook said. The tire dealer also offers online tire pricing to offer pricing transparency.