Hankook Tire snaps up British prototype company

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Hankook Tire snaps up British prototype company

Hankook Tire Manufacturing said Friday it has acquired a British prototype solution company in a move to secure a new growth driver.

Hankook Tire took over a 51 percent stake, which was held by the electronic parts firm Laird, in Model Solution and a 24 percent stake held by global private equity fund Crescendo Equity Partners in the British firm for 68.6 billion won ($64 million), the company said in a statement.

Model Solution, established in 1993, has designed and manufactured prototypes and molds of information-technology, electronic and medical products, which require cutting-edge technologies, the statement said.

The acquisition of Model Solution will help generate business synergies with MK Technology, a high-precision equipment affiliate of Hankook Tire, it said.

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