Leverkusen, Germany - Lanxess and Hankook have signed a formal 5-year deal on the supply of tyre rubbers. Under the deal, Lanxess will supply Hankook with S-SBR and Nd-BR from 2011 to 2015. Financial details were not disclosed.
Lanxess has been providing Hankook with high-performance rubber for the last six years. The new agreement comes into effect well before the previous contract ends on December 31, 2011. Both companies agreed on an early contract renewal in order to respond better to the increasing global demand. The world's seventh largest tyre manufacturer is currently expanding capacities at its factories in South Korea, China, Indonesia and Hungary.
Lanxess did not immediately respond to questions about the geographic scope of the deal, nor how much of Hankook's requirement it expects to supply, or how it will manage the growth in demand in Indonesia and China.
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Press release from Lanxess