Hankook Tire Manufacturing Co., South Korea's largest tiremaker by sales, plans to expand its Hungarian plant at a cost of $400 million over the coming year, Hungarian state news agency MTI said Monday.
Hungarian President Laszlo Solyom told reporters during a visit to Seoul that Hankook plans the expansion since it's "very satisfied and considers its investment in Dunaujvaros an excellent one."
Hankook's Dunaujvaros plant, which started manufacturing in 2007, serves as its basis for increasing its European sales.
MTI didn't specify the source of the $400-million investment plan, which seems to be higher than the company's earlier plans. Chief Executive Suh Seung-hwa said in a statement in September that the company wants to invest EUR230 million in its Hungarian plant over the next two years, with sales from the tires produced in Hungary planned to double from 2011 onward to 12% of Hankook Tire's global sales from 6% currently.
(Source: irco.biz)
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