On April 1, 2021, Hankook & Company merged with Hankook AtlasBX, officially announcing its transformation into an operating holding company.
Hankook AtlasBX is an acid battery maker. The two companies are merging to seek new growth opportunities, by integrating their capabilities and resources to maximize synergy amid the automotive industry crisis.
A rapid paradigm shift is currently underway in the automotive industry, resulting from a combination of the COVID-19 pandemic, expansion of protectionism, slowed growth of the market, and the replacement of internal combustion engine vehicles to electric vehicles.
Hankook & Company plans to maximize business efficiency by implementing integrated management strategies for reducing costs and engaging in an allocation and share of physical and human capital.
The company aims to create synergy by expanding the business, new investment opportunities, securing innovative technologies, and facilitating M&A capacity using networks owned by the company.
Hankook AtlasBX business will be able to operate through restructuring to Energy Solution (ES) Business Headquarters of Hankook & Company.
Hankook AtlasBX was the first in Korea to unveil a maintenance-free (MF) battery, and its technology led to the development of an absorbent glass mat (AGM) battery.
Upon the merger, Hankook & Company’s brand value, networking, and M&A capabilities will be added to the foundation of Hankook AtlasBX’s ability to expand its battery technology, manpower, and demand.