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Hankook acquires digital firm Model Solution for $62 million

Hankook acquires digital firm Model Solution for $62 million

Hankook Tire has acquired a 75 percent share of South Korea-based digital prototype solution company Model Solution for $62 million. Hankook is aggressively acquiring companies with advanced technology and design capabilities as part of its strategy to secure new growth engines. The 75 percent stake includes 51 percent share ownership of UK electronics company Laird and 24 percent shares that are owned by global private equity Crescendo Equity Partners.

Established in 1993, Model Solution specialises in design and manufacturing of prototypes and moulds for new products, covering IT equipment, electronic products and medical devices. The company went into prototype solution services in 2007 and has about 420 clients across the globe.

Model Solution has recently stated that it has plans to introduce new technologies such as 3D printing to stay ahead in the prototype industry.

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