Hankook Tire & Technology Co., Ltd. officials announced Monday that the company will invest $612 million to expand its manufacturing operations in Montgomery County.
.@HankookTireUSA will invest $600M+ in the company's third major expansion since breaking ground in Clarksville in 2014.
— TNECD (@TNECD) August 29, 2022
The company’s new expansion will be located off International Boulevard in Clarksville and is expected to create 397 new jobs in Montgomery County over the next five years, according to a press release from the Tennessee Department of Economic and Community Development (TNECD).
“Global brands like Hankook Tire choose to invest in Tennessee because of our strong business climate, skilled workforce and central location,” Tennessee Governor Bill Lee said in a statement. “I thank Hankook for its continued investment in our state and for creating 400 new manufacturing jobs for Tennesseans in Montgomery County.”
Through the new project, Hankook Tire will simultaneously be completing both Phase 2 and 3 of its expansion and, once completed, the company’s plant will house its production, warehousing, building, equipment, and utilities, according to TNECD.
Hankook Tire’s new expansion will be its third since breaking ground on the company’s state-of-the-art Clarksville facility in 2014. Three years after breaking ground, when the Hankook Tire plant officially opened in Clarksville, it was the company’s first location in the U.S. and its eighth worldwide, as previously reported by The Tennessee Star.
“The investment in our Tennessee plant further demonstrates Hankook’s growing presence in the U.S. and commitment to serving our customers,” Soo Il Lee, CEO of Hankook Tire and President of Hankook Tire America Corp. said in a statement. “Through a focus on sustainable construction and innovative manufacturing, the new phase of our Tennessee plant will provide an effective local-to-local supply chain to more effectively fulfill customer demand. Additionally, we are extremely proud to continue to support the local economy by bringing nearly 400 new jobs to the Clarksville area.”
Hankook Tire is globally headquartered in South Korea and has been a part of the U.S. tire market since 1981, TNECD notes. In 2016, shortly after deciding to open a facility in Clarksville, the company relocated its North American headquarters to Nashville.
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Kaitlin Housler is a reporter at The Tennessee Star and The Star News Network.
Photo “Hankook Factory” by TNECD.