Hankook Tire and the Michelin Group have entered into a partnership agreement covering several aspects of tire manufacturing and distribution. This agreement, signed in Seoul, Korea, by Hankook Tire president Choong Hwan Cho and Michelin Asia-Pacific president Jean-Marc Franois, allows the two companies to exploit synergies in a search for common opportunities to develop their respective positions in the tire market. Following several months of discussions, Hankook and Michelin expect to co-operate in research & development, manufacturing and distribution. Teams from Hankook and Michelin are currently working to define the scope and terms of the specific joint programs which were identified during the preliminary discussions. As part of the agreement, both firms will focus efforts on the preparation of a license by Michelin of its Pax run-flat system to Hankook and of an agreement for the fabrication of tires for Michelin by Hankook, as well as on the optimisation of the distribution of their respective products in certain markets. Additionally, the Michelin Group will become a shareholder in Hankook Tire and that it will acquire 10% of Hankook’s total share capital.