- Leading global tire manufacturer to invest $612 million in phase three expansion
- Project represents the creation of nearly 400 new jobs in Clarksville
NASHVILLE, Tenn. – Tennessee Gov. Bill Lee, Department of Economic and Community Development Commissioner Stuart McWhorter and Hankook Tire & Technology Co., Ltd officials announced today the company will invest $612 million in its third major manufacturing expansion since breaking ground on the company’s state-of-the-art Clarksville facility in 2014.
Located off International Boulevard, Hankook Tire will create 397 new jobs in Montgomery County over the next five years.
Through this project, Hankook Tire will complete its Phase Two expansion in order to double its production of passenger car and light truck (PC/LT) tires while simultaneously conducting its Phase Three expansion to add the company’s first U.S. production line of Truck Bus and Radial (TBR) tires to the Clarksville operations. Upon completion, Hankook Tire’s Tennessee plant will house the company’s production, warehousing, building, equipment and utilities.
The more than two-million-square-foot facility is expected to begin tire production by the final quarter of 2024, reaching full capacity by early 2026.
Founded in 1941 and globally headquartered in South Korea, Hankook Tire has been a part of the U.S. tire market since 1981. In 2016, Hankook Tire America Corp. relocated its North American headquarters to Nashville, Tennessee, following the company’s decision to locate a state-of-the-art manufacturing facility in Clarksville. Hankook Tire’s newest expansion will bring the company’s total investment in Tennessee to nearly $2.2 billion and with the addition of nearly 400 new jobs, the company will employ roughly 2,300 across the state.
Since 2018, TNECD has supported 140 economic development projects in the Northern Middle Tennessee region, resulting in more than 41,000 job commitments and $7 billion in capital investment.
“Global brands like Hankook Tire choose to invest in Tennessee because of our strong business climate, skilled workforce and central location. I thank Hankook for its continued investment in our state and for creating 400 new manufacturing jobs for Tennesseans in Montgomery County.” – Gov. Bill Lee
“As a leader across the Southeast in the automotive and manufacturing industries, we are proud to partner with Hankook Tire as the company invests $612 million in its third major expansion in Clarksville. We appreciate the company’s continued commitment to Tennessee and believe Montgomery County will continue to amplify Hankook Tire’s success in the years to come.” – TNECD Commissioner Stuart McWhorter
“The investment in our Tennessee plant further demonstrates Hankook’s growing presence in the U.S. and commitment to serving our customers. Through a focus on sustainable construction and innovative manufacturing, the new phase of our Tennessee plant will provide an effective local-to-local supply chain to more effectively fulfill customer demand. Additionally, we are extremely proud to continue to support the local economy by bringing nearly 400 new jobs to the Clarksville area.” – Sooil Lee, CEO, Hankook Tire & Technology and president, Hankook Tire America Corp.
“We are excited that our friends at Hankook Tire have announced funding for Phase Three! We are looking forward to working with Hankook through the construction process and, once complete, to the many job opportunities this project will bring to Montgomery County residents.” – Montgomery County Mayor Jim Durrett
“TVA and Cumberland Electric Membership Corporation congratulate Hankook Tire on its decision to expand operations and create new job opportunities in Clarksville. Helping to attract and retain jobs and investment to the region is fundamental to TVA’s mission of service. We are proud to partner with the Clarksville Montgomery County Industrial Development Board and the Tennessee Department of Economic and Community Development to further that mission and look forward to Hankook’s continued growth in the Valley.” – John Bradley, TVA senior vice president of Economic Development
“It is no surprise Hankook Tire has had tremendous success with its manufacturing plant in Clarksville. It is a quality company located in a strong community which has enabled them to make another significant expansion to their operations. Congratulations to Hankook Tire for their continued success. I know this investment will benefit our economy and provide more quality jobs for our citizens.” – Sen. Bill Powers (R-Clarksville)
“Hankook Tire has certainly lived up to its world-class reputation since arriving in Clarksville. This new expansion by the company represents yet another major investment in our community that will create hundreds of additional jobs for residents. I congratulate Hankook Tire on its remarkable success and appreciate its continued commitment to Montgomery County.” – Rep. Curtis Johnson (R-Clarksville)
About Hankook Tire America Corp.
Hankook Tire America Corp. is a growing leader in the U.S. tire market, leveraging investments in technology, manufacturing and marketing to deliver high-quality, reliable products that are safer for consumers and the environment. Headquartered in Nashville, Tenn., Hankook Tire America Corp. markets and distributes a complete line of high-performance and ultra-high-performance passenger tires, light truck and SUV tires as well as medium truck and bus tires in the United States. Hankook Tire America Corp. is a subsidiary of Hankook Tire & Technology Co., Ltd., a Forbes Global 2000 company headquartered in Seoul, Korea.
About the Tennessee Department of Economic and Community Development
The Tennessee Department of Economic and Community Development’s mission is to develop strategies that help make Tennessee the No. 1 location in the Southeast for high quality jobs. To grow and strengthen Tennessee, the department seeks to attract new corporate investment to the state and works with Tennessee companies to facilitate expansion and economic growth. Find us on the web: tnecd.com. Follow us on Twitter, Instagram and LinkedIn. Like us on Facebook. Subscribe to our YouTube channel.