Michelin gains 10-percent share in Hankook

SEOUL, South Korea (Jan. 28)—Groupe Michelin has acquired a 10-percent holding in Hankook Tire Co. Ltd. under a partnership agreement with the South Korean tire maker. The deal envisages Michelin licensing its Pax extended mobility tire-wheel system to Hankook, which in turn would manufacture tires for the French firm. The partners will cooperate in areas of research and development, manufacturing and distribution under the deal signed Jan. 28 in Seoul, according to a Michelin statement. The agreement was inked by Hankook President Choonh Hwan Cho and Jean-Marc Francois, president of Michelin Asia-Pacific. The partners plan to implement the deal in several phases, though they still have to hammer out its precise terms, according to Michelin.