SEOUL, South Korea — Hankook Tire Co. Ltd. has agreed to work with Arlanxeo Performance Elastomers, a global synthetic rubber producer, to co-develop synthetic rubber technologies for high-performance tires.
Under terms of the joint venture agreement, the companies will work together to study development of new synthetic rubber grades and applications, with a focus on increasing tire performance, the partners said.
The companies began their partnership in 2008 with a supply of raw materials, and signed the first memorandum of understanding in 2014 to collaborate on the development of core synthetic rubber solutions for tires.
The agreement is part of Hankook's strategy to accelerate the company's technological prowess, coupled with the company's investment in Hankook Technodome, a research and development center in Korea, according to a news release.
The agreement strengthens the cooperation between the companies, Arlanxeo CEO Jorge Nogueira said.
Arlanxeo, a joint venture between Lanxess A.G. and Saudi Aramco