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Biz News Korea(Eng)
Hankook Tire in $349 mn capex plan to expand production in Hungary
- Collected
- 2018.03.26
- Distributed
- 2018.03.27
- Source
- Go Direct
Hankook Tire announced in a disclosure on Monday that its Hungarian subsidiary Hankook Tire Hungary will invest 378.2 billion won ($349 million), 6.3 percent of its consolidated equity capital, from this year to 2020 to expand the facility manufacturing truck and bus tires.
The tire maker supplies to a number of European car makers including luxury cars of Mercedes-Benz, BMW and Audi. “The investment will be made with the Hungarian subsidiary’s own capital, and additional investment will be determined after discussion,” said an official from the company.
Hankook Tire Hungary that began operation in June 2007 is capable of producing12 million tires a year. Hankook Tire has two plants in South Korea and also in Hungary, Indonesia, China and the United States. It added a new line in Tennessee last year to raise total annual capacity to more than 100 million tires.
As of 11:53 a.m. on Monday, shares of Hankook Tire fell 2.1 percent to 51,400 won.
By Kim Jung-hwan and Choi Mira
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