Hankook to commence next phase of Hungarian project

ERJ staff report (DS)

Neu-Isenburg, Germany, -- Hankook Tire has said it plans to invest a further euro 230 million in its Hungary plant for the next 2 years bringing the value of the investment to the full euro 550 million originally announced.

Following the completion of the plant extension, Hankook Tire will double its present production output of 5 million tyres to 10 million tyres per year by 2011 in order to meet increasing demand.

The additional investment is expected to create approximately 700 new jobs once it is fully operational at the end of 2011, bringing the total number of Hankook Tire employees on the Hungary production lines to over 1,900.

Hankook Tire will also add the run-flat production system to the Hungary plant. The new EU labeling, which must be put in place by 2012, will also become possible with this new equipment.

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Press release listing from Hankook