Hankook Tire & Technology Co., Ltd announced they will invest $612M in Tennessee, its third major manufacturing expansion since breaking ground on the company’s state-of-the-art Clarksville facility in 2014.
Located off International Boulevard, Hankook Tire will create 397 new jobs in Montgomery County over the next five years.
Through this project, Hankook Tire will complete its Phase Two expansion in order to double its production of passenger car and light truck (PC/LT) tires while simultaneously conducting its Phase Three expansion to add the company’s first U.S. production line of Truck Bus and Radial (TBR) tires to the Clarksville operations. Upon completion, Hankook Tire’s Tennessee plant will house the company’s production, warehousing, building, equipment and utilities.
The more than two-million-square-foot facility is expected to begin tire production by the final quarter of 2024, reaching full capacity by early 2026.
Founded in 1941 and globally headquartered in South Korea, Hankook Tire has been a part of the U.S. tire market since 1981. In 2016, Hankook Tire America Corp. relocated its North American headquarters to Nashville, Tennessee, following the company’s decision to locate a state-of-the-art manufacturing facility in Clarksville. Hankook Tire’s newest expansion will bring the company’s total investment in Tennessee to nearly $2.2 billion and with the addition of nearly 400 new jobs, the company will employ roughly 2,300 across the state.
Since 2018, TNECD has supported 140 economic development projects in the Northern Middle Tennessee region, resulting in more than 41,000 job commitments and $7 billion in capital investment.
Governor Bill Lee stated, “Global brands like Hankook Tire choose to invest in Tennessee because of our strong business climate, skilled workforce and central location. I thank Hankook for its continued investment in our state and for creating 400 new manufacturing jobs for Tennesseans in Montgomery County.”
About Hankook Tire America Corp.
Hankook Tire America Corp. is a growing leader in the U.S. tire market, leveraging investments in technology, manufacturing and marketing to deliver high-quality, reliable products that are safer for consumers and the environment. Headquartered in Nashville, Tenn., Hankook Tire America Corp. markets and distributes a complete line of high-performance and ultra-high-performance passenger tires, light truck and SUV tires as well as medium truck and bus tires in the United States. Hankook Tire America Corp. is a subsidiary of Hankook Tire & Technology Co., Ltd., a Forbes Global 2000 company headquartered in Seoul, Korea.
About the Tennessee Department of Economic and Community Development
The Tennessee Department of Economic and Community Development’s mission is to develop strategies that help make Tennessee the No. 1 location in the Southeast for high quality jobs. To grow and strengthen Tennessee, the department seeks to attract new corporate investment to the state and works with Tennessee companies to facilitate expansion and economic growth. For more information about the Tennessee Department of Economic and Community Development visit tnecd.com.
Media Contacts:
Hankook Tire
Brooklyn Emery
(347) 681-7561
brooklyn.emery@hankooktech.com
Brodeur Partners
Jamie Ernst
(480) 308-0286
jernst@brodeur.com
TNECD
Lindsey Tipton, Author
Public Information Officer
(615) 339-6608
Lindsey.Tipton@tn.gov
