The Korean tyre manufacturer, which has made big strides in the Australian market in recent years, has purchased the entire JAX Tyres business from Ian Hurrell and Jeff Board.
Operating since 1949, JAX Tyres boasts 83 franchise stores.
In announcing the acquisition, described as “win-win” for all parties, Hankook Tire say they are looking forward to being able to build direct customer relationships through the tyre retailing business.
There are plans to strengthening the network of JAX Tyres outlets and increase the retailer’s online capabilities and premium image.
While the acquisition will also provide Hankook Tire with an opportunity to expand in non-tyre business segments, such as light repairs.
The light repairs offered by JAX Tyres include brake servicing and suspension/steering work.
Hankook Tire also stressed that despite their move into retailing, Hankook products and services will still be offered by competing Australian tyre retailers.