South Korea's antitrust regulator issued a corrective order against Hankook Tire & Technology (KRX:161390) for violating fair trade laws, the Fair Trade Commission (FTC) said Thursday.
The FTC found that between 2019 and 2024, the tiremaker collected dealership sales price data and restricted supply channels. It also forced TTS (The Tire Shop) dealers to procure consumables solely from designated vendors, thus violating the Dealer Act.
As of end-2023, TTS dealerships, specializing in tires for passenger cars and light trucks, made up about 20% of Hankook Tire's network and also offer items like batteries, filters, wipers, and washer fluid, the release said.
Shares of Hankook Tire & Technology rose more than 1% in recent trade on Friday, April 18.
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