SEOUL, South Korea (Feb. 1, 2017) — Hankook Tire Co. Ltd. is buying JAX Tyres, Australia's largest tire retailer, and plans to leverage the company's franchise platform into a broader business-to-consumer (B2C) model throughout Asia.
Hankook did not disclose financial details of the purchase nor elaborate on its plans to develop a franchise system, other than to say it plans to "grow into a global top-tier company by expanding customer relationships and strengthening its competitiveness in the B2C distribution sector as a mainstay of new business."
Sydney, Australia-based JAX Quickfit Franchising Systems Pty. Ltd. is a tire retail and a distribution franchise with 83 franchise stores in operation throughout eastern Australia.
Seung Hwa Suh, vice chairman and CEO of Hankook Tire, said, "We will solidify the position as the global top-tier brand by extending the role of holding company.