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Hankook & Co. is acquiring 3Secondz, a local autonomous driving tech firm. The deal is expected to help the South Korean tire maker discover new business opportunities in the future.
Hankook & Company revealed on Tuesday, March 7, that it has bought the autonomous driving technology unit of 3Secondz company that specializes in the driving data business. According to The Korea Economic Daily, the acquisition is part of the tiremaker and mobility firm’s efforts in expanding its presence in the fast-growing artificial intelligence (AI) and mobility business sector.
Moreover, the company is also looking for new ways to earn by venturing into other businesses outside of tire manufacturing. By having 3Secondz under its wing, Hankook & Co. will be able to use its autonomous driving technology for its driving tests.
It will allow the company to gather more driving data without drivers, plus this system is also beneficial for tire and vehicle development. Once the acquisition is closed, the officer in charge of 3Secondz’s autonomous driving technology development is set to join Hankook & Co.
"The acquisition will help Hankook lead the artificial intelligence-related technology in the mobility field," Hankook & Company’s chief digital officer and head of the digital strategy, Kim Sung Jin, said in a statement.
Jin added that they are also expecting the deal to create strong synergies in different business areas in the future. Finally, Business Korea reported that through Hankook & Co. and 3Secondz’s partnership, the companies would speed up the development of innovative technologies to actively lead the future mobility market, including autonomous driving and advancement of the tiremaker’s Hankook Technoring control solutions.
"We are excited that this acquisition will enable Hankook & Company to lead AI-related technologies in the mobility field,” Kankook’s chief development officer and chief information officer, Seong Jin Kim, said. “We are looking forward to creating strong synergies with 3Secondz in various future businesses."
