Hankook Tire recorded revenue of about $6.3 billion and an operating profit of $979 million for 2014, the company announced. The overall operating profit was on par with 2013 results.
Hankook saw a healthy profit to sales ratio of 15.4%. Both its Ultra High Performance tire segment and original equipment business expansion showed positive sales growth and contributed to company’s improved financial results, according to Hankook.
The year also saw several long-term investments come to fruition, including the company initiating construction for a Tennessee plant and a research center in Korea. The company also launched Laufenn, an entry-level, global tire brand.
"Our strong performance in 2014 will serve as the foundation for Hankook Tire’s plans to grow and expand its impact on the global tire market," said Seung Hwa Suh, Hankook's CEO.