Korea & Company "Merger with Korea AtlasBX Completed"

[Asia Economy Reporter Changhwan Lee] Hankook & Company, the holding company of Hankook Tire & Technology, announced on the 31st that it will complete the absorption merger of Hankook AtlasBX on the 1st of next month and officially launch as a "business-type holding company."

The company explained that this merger was decided to seek new growth opportunities amid crisis situations such as the slowdown in growth of the automotive industry, which is the upstream industry of the group, and the rapid paradigm shift toward eco-friendly vehicles.

Hankook & Company plans to maximize management efficiency through integrated management, including direct management cost reduction and sharing and efficient allocation of physical and human assets, as well as create business synergy effects such as business expansion, investment, securing new technologies, and strengthening mergers and acquisitions (M&A) capabilities by utilizing the network held by the holding company.

In addition, it intends to establish a mid- to long-term strategy to effectively respond to changes in the business environment, improve management efficiency through efficient resource management, and strengthen the integrated brand system reflecting the global brand "Hankook" to enhance competitiveness in the rapidly changing global business environment.

The existing business of the dissolved company, Hankook AtlasBX, will be reorganized into Hankook & Company's 'ES (Energy Solution) Business Division.'

This content was produced with the assistance of AI translation services.