SEOUL, South Korea—Hankook Tire & Technology Co. Ltd. has suspended production of tires at its manufacturing facility in Daejeon, following a major fire that broke out at the South Korean plant on March 12.
In a March 13 stock market filing, Hankook said the fire-hit plant generates about 16.5 percent of its annual sales, amounting to over $765 million.
Last year, the South Korea-based tire manufacturer reported annual revenues of about $6.1 billion.
The fire, Hankook said, broke out at the curing process area, but local press quoting fire department officials report that it soon spread to a nearby storage area due to strong winds.
According to press reports, 210,000 units of tires were burned during the fire that lasted for 13 hours.