Hankook Tire expands further into premium market with Daimler deal
SEOUL (Reuters) - Hankook Tire Co Ltd (161390.KS) said on Monday it has begun supplying tires to Daimler AG (DAIGn.DE) for the new Mercedes-Benz S-Class and E-Class sedans, a step up in brand recognition for South Korea's top tire maker which has been eager to expand further in the premium tire market.
The deal with the luxury car maker was one of several new contracts for Hankook, currently the world's seventh-largest tire maker.
It also said it has added Nissan Motor Co Ltd (7201.T) to its customer base with a deal to supply tires for the new Altima sedan.
Hankook also plans to expand its partnership with BMW (BMWG.DE) to the 5-Series premium sedans, on top of the 1- and 3-Series, and will supply tires for Toyota Motor Corp's (7203.T) new Corolla compact sedan in addition to the iQ minicar.
Hankook Tire, a family-controlled business owned by Chairman Cho Yang-rai, also counts Audi AG (NSUG.DE), Honda Motor Co Ltd (7267.T), Volkswagen AG (VOWG_p.DE), General Motors Co (GM.N) and Ford Motor Co (F.N) among its customers, in addition to Hyundai Motor Co (005380.KS) and Kia Motors Corp (000270.KS).
(Reporting by Hyunjoo Jin; Editing by Edwina Gibbs)
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