SEOUL, South Korea—Hankook Tire Co. Ltd. will acquire a 75 percent stake of Model Solution Ltd., a digital prototype company, for about $63.7 million.
Hankook will incorporate Model Solution as an affiliate company. The tire maker's acquisition will comprise a 51 percent stake from Laird P.L.C., a London-based electronics company, and a 24 percent stake from Crescendo Equity Partners Ltd., a Seoul, South Korea-based private equity firm, according to a Hankook release.
With this deal, Hankook aims to adapt the convergence of digital transformation and mobility-information technology industry trends, a Hankook spokesman wrote in an email. The company plans to secure new growth engine opportunities through active research on potential merger and acquisition deals related to mobility and the IT industry, but is not limiting its focus to the tire industry.
Hankook also will continue to develop its core tire business.
Founded in 1993, Model Solution provides design and prototyping support, and is helping to lead in the development high-tech skills such as 3D printing, according to Hankook. Model Solution serves a number of industries including aerospace, medical and industrial.