Hankook chairman makes Forbes' list

ERJ staff report (LMH)

New York – Hankook Tire chairman Cho Yang-Rai has joined the world’s billionaire ranks as shares of the company increase in value, according to The Smithers Report.

Hankook exports tires to 180 countries and had sales of $6.44 billion in fiscal 2012, Smithers said. Cho owns about 16% of the company; his stake of the company, combined with a stake in holding company Hankook Tire Worldwide, puts his net worth just over $1 billion.