Hankook Tire, a South Korean company, announced on Wednesday in a ceremony at the state Capitol that it is planning to move their North American headquarters from New Jersey to Nashville, Tennessee.
The US$5 million dollar investment will create200 jobs in Davidson County. In 2014, Hankook broke ground on their US$800 million plant in Clarksville which is expected to be completed this year.
By moving our America headquarters to Nashville we will benefit from the synergies provided by having our sales and production facilities in close proximity to each other,” said Hankook CEO SeungHwaSuh. “It will be an opportunity for Hankook to step up and expand in the U.S. market.”
Governor Bill Haslam lauded Hankook’s decision to bring its headquarters to Nashville. “We’re delighted when a company that’s already made a big investment in Tennessee decided to double down and make another,”Haslam said. “This is another step along the way showing that Tennessee really can be that center of activity for companies, all the way along from what they make to how their run their companies.”
Haslam said the move underscores the increasing role the automotive sector plays in Tennessee, where General Motors, Nissan and Volkswagen have assembly plants. Nissan also has its American headquarters in suburban Nashville.
Hankook is still in negotiations about where it will locate its offices, and details of the state’s incentive package were not immediately released. Economic and Community Development Commissioner Randy Boyd said Tennessee prevailed over several other states in landing the Hankook headquarters. “It was very competitive with many of the normal suspects all throughout the Southeast,” Boyd said.
US Senator Lamar Alexander also said on Wednesday, “Hankook’s decision to relocate its headquarters to Nashville is further proof that Tennessee, with its first-rate four-lane highway system, right-to-work law, and skilled workforce, is the right place for the auto industry. I congratulate Hankook Tire and Gov. Haslam on today’s great news for Nashville.”
Source: ABC News