Hankook Tire Co. To Locate First U.S. Manufacturing Facility In Montgomery County, TN
Tennessee Gov. Bill Haslam and Economic and Community Development Commissioner Bill Hagerty along with Hankook Tire Co., Ltd. have announced the company will locate its first U.S. manufacturing facility at the Clarksville Corporate Business Park in Montgomery County. Hankook Tire, a worldwide manufacturer of radial tires, will invest $800 million in a state-of-the-art manufacturing facility and create 1,800 new jobs in Clarksville. The company is expected to break ground on the new plant by the end of 2014 and begin tire production by 2016.
â€śI want to thank Hankook Tire for its substantial investment in Tennessee and for the 1,800 jobs theyâ€™ll create in Montgomery County,â€ť Haslam said. â€śThe auto sector is a key industry cluster where Tennessee has a distinct advantage with more than 900 auto suppliers and manufacturers.â€ť
â€śTennesseeâ€™s global automotive strength and manufacturing momentum is unstoppable, and this announcement by Hankook Tire is a watershed moment for the state of Tennessee, the Haslam Administration and ECD,â€ť Hagerty said. â€śWe have earned our spot in the worldwide marketplace and continue to achieve top rankings in job growth and automotive manufacturing strength. I appreciate Hankook Tireâ€™s decision to locate in Tennessee and look forward to continuing a strong partnership and building success in the years to come.â€ť
â€śAs our brand continues to gain recognition in the United States and demand for our industry-leading tire products continues to grow here, establishing a manufacturing facility in the U.S. further demonstrates our commitment to delivering high quality products and service to the market, and is the next natural phase for our continued growth,â€ť Mr. Seung Hwa Suh, vice chairman and CEO of Hankook Tire, said.
Becoming the largest tenant at the Clarksville Corporate Business Park, Hankook Tire plans to build its facility on 469 acres over the next few years. Construction is scheduled to begin in 2014 and will result in a 1.5 million square foot advanced manufacturing facility which will produce high-end performance tires.
â€śThese jobs will bring millions in economic development and prosperity to Clarksville and Montgomery County, and Clarksvilleâ€™s talented and dedicated labor force is beyond compare. This is a perfect example of the extraordinary opportunities that are created when all levels of government, state, city and county, work together in collaboration with the private sector and economic development agencies. I appreciate the support weâ€™ve received from the governor and his team, and we look forward to creating more of these opportunities for our community,â€ť Clarksville Mayor Kim McMillan said.
Tennesseeâ€™s automotive sector has led the stateâ€™s post-recession economic recovery, having generated over 12 percent of the stateâ€™s job creation since the recession and more than one-third of the manufacturing sectorâ€™s output growth since 2010. The automotive industry includes 910 companies employing 113,148 Tennesseans and investing $31.5 billion.