Hankook Tire is to acquire a 75% equity stake in digital prototyping company Model Solution for KRW68.6bn (US$63m).
Model Solution will be incorporated as an affiliate company by taking over a 75% share, which will consist of a 51% stake from UK electronics company Laird, and a 24% stake from global private equity firm Crescendo Equity Partners.
Model Solution, founded in 1993, designs and manufactures prototypes and molds for IT equipment such as electronic and medical devices. Model Solution began its work in prototype solution services in 2007 and currently has over 420 clients globally.
The company possesses excellent technical and design skills in the industry and is continually developing its expertise in revolutionary new techniques such as 3D printing.
It is believed the combination of Model Solution’s expertise and the processing techniques used by Hankook Tire’s affiliate M&K Technology, a super-sized mold equipment company, will create the perfect synergy.