Hankook acquires digital solutions company

HankookSouth Korean tyre company Hankook Tire has acquired a 75% share of Model Solution, a South Korea-based digital prototype solution company, for US$62 million.

The acquisition is in line with the company’s strategy to secure new growth engines by aggressively acquiring companies with advanced technology and design capabilities.

The 75% stake includes 51% share ownership of UK electronics company Laird and 24% shares that are owned by global private equity Crescendo Equity Partners.

Established in 1993, Model Solution specialises in design and manufacturing of prototypes and moulds for new products, covering IT equipment, electronic products and medical devices. The company went into prototype solution services in 2007 and currently has about 420 clients from all over the world.

In particular, the company says it has been seeking to stay ahead of the game in the prototype industry by introducing new technologies such as 3D printing.