A South Korean company will bring 1,800 new jobs to Montgomery County, Gov. Bill Haslam announced Monday.
“I want to thank Hankook Tire for its substantial investment in Tennessee and for the 1,800 jobs they’ll create in Montgomery County,” Haslam said. “The auto sector is a key industry cluster where Tennessee has a distinct advantage with more than 900 auto suppliers and manufacturers, and today’s announcement reinforces our goal of becoming the No. 1 location in the Southeast for high quality jobs.”
Haslam and Economic and Community Development Commissioner Bill Hagerty along with Hankook Tire Co. Ltd. officials were on hand at the Clarksville Corporate Business Park to announce the tire manufacturer will invest $800 million in a state-of-the-art manufacturing facility and create 1,800 new jobs in Clarksville.
“These jobs will bring millions in economic development and prosperity to Clarksville and Montgomery County, and Clarksville’s talented and dedicated labor force is beyond compare,” Clarksville Mayor Kim McMillan said. “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.”
Founded in 1941 in Korea, Hankook Tire is one of the fastest growing tire companies in the world.
With approximately 20,000 employees and five research and development centers, Hankook Tire produces high performance radial tires at its seven manufacturing facilities in four different countries. Its products are available in more than 180 countries.
The U.S. plant in Clarksville will be the company’s eighth production facility and will be built on 469 acres, making it the largest tenant at the Clarksville Corporate Business Park.
The result will be a 1.5 million-square foot advanced manufacturing facility that will produce high-end performance tires. The company is expected to break ground on the new plant by the end of 2014 and begin tire production by 2016.
“This is an exciting day for Hankook and all of our employees, customers, and partners as well as the state of Tennessee and the city of Clarksville,” said Seung Hwa Suh, vice chairman and chief executive officer of Hankook Tire. “As 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.”
Tennessee’s automotive sector, the largest in the South in terms of employment, has led the state’s post-recession economic recovery having generated more than 12 percent of the state’s job creation since the recession and more than one-third of the manufacturing sector’s output growth since 2010. The automotive industry includes 910 companies employing 113,148 Tennesseans and investing $31.5 billion.