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Hankook Tire Selected as One of the First Tire Suppliers Involved in Ford Motor Company’s ..
Hankook Tire Selected as One of the First Tire Suppliers Involved in Ford Motor Company’s New “Aligned Business Framework” - Announcement made December 1, 2005 at Ford Top 100 Supplier Meeting. - Agreement will comprehensively detail business practices. - New sustainable business model will improve technology development and mutual profitability. Ford Motor Company has named Hankook Tire as an early adopter of its new “Aligned Business Framework” agreements to strengthen collaboration and develop a sustainable business model. “The agreement further enhances the business relationship between or companies” according to David Colantoni from Hankook’s O.E. office in Detroit. “Sourcing Ford vehicles is an important part of our global strategy for growth in sales and market share.” The agreement will formally spell out business practices designed to increase future collaboration in sourcing contracts. This means reduced engineering and developmental time and costs, benefiting both companies. As part of the deal, Hankook will benefit from greater insight into future product planning as Ford intends to significantly expand the volume of business it currently is sourcing with Hankook. Hankook Tire has been chosen as a strategic supplier as a result of its commitment to quality, technological innovation and outstanding delivery performance. “The Aligned Business Framework is an innovative bilateral agreement between Ford and its family of selected suppliers,” explains Tony Brown, senior vice president, Global Purchasing at Ford. “We’ve worked with our key suppliers on several programs to take out waste, increase economies of scale, improve quality and customer satisfaction, and create a framework for stronger relationships.” Key elements of the new agreements include: - A bilateral commitment to competitive costs based on transparency and cost models related to product attributes. - A supplier commitment to bring leading-edge technological innovations to Ford. - Continued emphasis on cooperatively pursuing low-cost, high quality supply alternatives. In the first phase of the Aligned Business Framework, Ford expects to reduce the number of suppliers by as much as 50% that it uses for its 20 high-impact parts and commodities including tires. These commodities represent about half of Ford’s annual production buy globally. Hankook Tire is a technology-focused, market-driven company with manufacturing facilities around the world and research and development on three continents. Hankook Tire manufactures and markets a full range of Passenger, High Performance, Ultra-High Performance, Light and Medium Truck, Winter Radial, Original Equipment, and Truck and Bus Radial Tires.