Hankook Tire & Technology (; , also known simply as Hankook and stylised ), is a South Korean tire company. Based in Seoul, Hankook is the seventh largest tire company in the world. History Hankook Tire was established by Jae Hun Chung's grandfather in 1941 as the Chosun Tire Company and was renamed to Hankook Tire Manufacturing in 1968. The word "Hankook" literally means Korea, thus Korea Tire Company. The company now supplies tires as original equipment to various automakers. In addition to producing about 102 million tires annually, the company also sells batteries, alloy wheels, and brake pads. In 2011, Hankook Tire Co. announced that the company will invest $1.1 billion to build a factory in West Java, Indonesia as part of a plan to become the 5th largest tire manufacturer in the world. On June 9, 2011 a ground breaking ceremony was held at a 60-hectare area as a regional hub production for export to Asian, North America and Middle East countries. In October 2013, the company announced plans to open a new factory in Clarksville, Tennessee which was later opened in October 2017. Facts and figures According to Modern Tire Dealer, Hankook's new tire sales for 2007 were $3.5 billion, a 20.7% year-over-year increase from 2006 ($2.9 billion). Global offices The company has its headquarters in South Korea and has manufacturing facilities in South Korea, the People's Republic of China, Hungary, Indonesia, and the United States. It has technical centers in Daejon, Korea; Akron, Ohio; Hannover, Germany; Osaka, Japan; and China. In April 2016, the company announced it would move its North American headquarters from Wayne, New Jersey, to Nashville, Tennessee. This move is reported to create up to 200 jobs in Davidson County and the company would be investing $5 million in the process. Motorsports involvement Hankook entered motorsports in Europe, North America, and in Asia. They signed with FBR (Farnbarcher Racing) to race a Ferrari F430 GT with Hankook Tires in the 2009 Le Mans Series season. The company supplied tires for the Primetime Race Group that raced in the GT2 class of the American Le Mans Series in 2008. It supplied tires from 2007–2009 for IMSA Prototype Lites, a support series for the American Le Mans Series. Since 2009, the Hankook Team Farnbacher has competed in the GT class of the Le Mans Series. It also supplies tires for the Hankook KTR team that