(MENAFN - Arab News) Bin Shihon Group and affiliate the Korean tire manufacture, Hankook Tire, celebrated the 40th anniversary of their strategic partnership in the presence of Seung Hwa Suh, vice vhairman and CEO of Hankook Tire and Marwan Bin Shihon, CEO of Bin Shihon Group.
During the ceremony, the development of the relationship between both companies, Bin Shihon Group and Hankook Tire, was reviewed from the very starting stages until capturing 25 percent of the Saudi tire market.
Bin Shihon Group has become the leading distributor in the Kingdom.
Bin Shihon Group maintained a successful strategic plan to expand its business in Saudi Arabia, and managed to raise the number of their distributors in Saudi Arabia to more than 40 distributors, plus a network of more than 10.000 puncher shops, in addition to 6 integrated service centers (Hankook Masters) and 15 warehousing facilities controlled via satellite to meet the needs and requirement of their network of distributors and customers.
After the ceremony, Marwan bin Shihon said the strong relationship with Hankook over the last 40 years was very successful in view of the marketing plans and the vast experience that enabled trade expansion.
He added: "The huge volume of our investments enabled us to raise the number of Hankook tire distributors to more than 40 distributors kingdomwide, in addition to our investments in tire service centers and highly technical warehousing facilities to enable us to achieve the highest consumer's satisfaction and meet their needs."
Suh, CEO of Hankook Tire, who visited Saudi Arabia to take part in this event, said: "The year 2011 was very special for us where we posted record sales figures, expanded worldwide through expanding current factory opening of new large plants in many countries."