Why Hankook is moving its headquarters to Nashville
Hankook Tire’s decision to move its North American headquarters from New Jersey to Nashville later this year will coincide with the opening of its new Clarksville manufacturing facility.
The move to a new $5 million headquarters in Davidson County, Tennessee, was announced by Hankook Tire vice chairman and chief executive Seung Hwa Suh late last week.
“We believe by relocating our headquarters to Nashville, Hankook Tire can benefit from the people, resources and infrastructures of Tennessee, and we hope it will provide job opportunities and contribute to the Tennessee economy,” he said.
The company is looking for real estate in downtown Nashville and plans to move in before the end of the year. In 2014, the company broke ground on an $800 million state-of-the-art manufacturing site just 50 miles away in Clarksville. That facility is due for completion by the end of this year.
Governor welcomes Hankook’s investment
The headquarter move — which will create 200 jobs in the Volunteer State — was welcomed by Tennessee Governor Bill Haslam.
“By choosing Nashville for the location of its North American headquarters, Hankook Tire continues to help make our state known as a worldwide leader in the automotive sector,” Haslam said.
“This will be the company’s second facility in Tennessee — an investment that brings us closer to our goal of becoming the number one location in the state for high-quality jobs, and we thank Hankook for its commitment to creating jobs in Tennessee.”
Tennessee Economic and Community Development Commissioner Randy Boyd said the South Korean tire manufacturer’s decision to invest “says volumes” about the state and the county.
State chips in to ensure thousands of jobs
The Clarksville manufacturing facility is under construction and spans more than 1.5 million square feet. It was originally intended to be producing passenger and light truck tires by January of this year. The plant will bring 1,200 jobs to the city and initially produce 5.5 million tires a year before a second phase expansion that will double that capacity.
The State of Tennessee offered almost $140 million in economic incentives to Hankook to entice the company to choose Clarksville for the plant, including donating the 470-acre parcel of land.
Hankook Tire was established in 1941 in South Korea and entered the U.S. market 40 years later. Hankook has more than 20,000 employees around the world.