French tyre maker Michelin has raised its stake in Hankook Tire Co. to nearly 10% through stock market purchases, the South Korean company said on Friday.

French tire maker Michelin said on Wednesday it had raised its stake in South Korean peer Hankook Tire to 8.9% from 6%.

Hankook Tire Co. said it plans to spend some $19 million per year in its ongoing investment into developing more environmentally friendly tires.

"Due to continued record increases in the costs of raw materials and energy," Yokohama Tire Corp. says it will adjust prices on its consumer tires by up to 6%, effective July 1, 2008.

Effective July 1, 2008, Toyo Tire U.S.A. Corp. will increase pricing on its passenger, light truck and truck tires. The increases will vary up to 8%.

Ford Motor Co. named Hankook Tire Co. as one of its top suppliers, presenting the tiremaker with its World Excellence Award.

Hankook Tire America Corp. has teamed up with Primetime Race Group. As part of the agreement, Hankook will serve as the team's official tire supplier for competition in the American Le Mans Series.

Hankook Tire Corp. plans to double capacity at its tire plant in Hungary, moving from 15,000 tires to 31,000 tires per day by 2010.

Mexico, Russia and Vietnam are reportedly under consideration as potential sites for Hankook Tire Co.’s third facility to be built outside of South Korea.

Hankook Tire Co. has announced plans to raise its prices 5% from this month.