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Hankook Tire to Invest HUF 210 bln at Plant in Hungary

Automotive

South Korea's Hankook Tire will invest HUF 210 bln to add bus and truck tyre capacity at its base in Rácalmás, Minister of Foreign Affairs and Trade Péter Szijjártó announced on Thursday, according to a report by state news wire MTI.

The new plant will turn out around 800,000 tires a year, Szijjártó said. The investment will create 450 jobs, he added.

Around 3,000 people work for Hankook Tire in Hungary at present.

The government will announce the scale of state support for the project after the funding is cleared by the European Commission, he said.

South Korean companies form the fourth-biggest group of foreign investors in Hungary.

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