In an exclusive interview with The Korea Economic Daily on Tuesday, Park Jongho, CEO of Hankook & Company, said he is targeting startups, which can create synergy with its existing businesses, after completing a string of large-scale M&As over the past few years.“We’ll establish a corporate venture capital arm, focusing on investing in promising startups rather than pursuing large-scale M&As," he said.“We’re looking for strategic and financial investments.”The interview was conducted after the tire manufacturer purchased a controlling stake in Hanon Systems Corp., the world’s second-largest heat pump system maker for automobiles, for 1.37 trillion won ($943 million).
Hankook & Company Co., the holding company of Hankook Tire & Technology Co., will ramp up battery production for energy storage systems and robots, alongside absorbent glass mat (AGM) batteries used for combustion engines and hybrid cars.
Park, a certified public accountant, pledged to turn around Hanon Systems within the next three years from the loss of 334.4 billion won in 2023 amid a slowdown in EV demand.
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