Seoul - Hankook Tire is acquiring 100% of JAX Tyres shares which it described as Australia's largest tire retailer.
In a 1 Feb statement, the South Korean company said through the acquisition it planned to “expand customer relationships and strengthening its competitiveness in the B2C distribution sector as a mainstay of new business.”
Hankook said it would leverage JAX’s distribution system to expand its growth model “"not only from the hardware-oriented business such as a plant establishment but also the software's growth including distribution channels and premium services.”
Based in Sydney, Austrlia, JAX Tyres is a tire retailer and has 83 franchise stores.
“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.