20 Mar 2006
Paris - Michelin is raising its interest in in Hankook Tire Co. Ltd. to 6.3 percent by buying 2 million new shares the South Korean tyre maker issued on Friday.
Michelin said the share purchase would cost $26 million. Michelin has owned a 5-percent share in Hankook since late 2003, when it said it would buy up to a 10-percent stake as part of a plan to involve Hankook in its global manufacturing network, especially for the Pax run-flat tyre-wheel system
>From Rubber & Plastics News (A Crain publication)
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