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.

ADVERTISEMENT

Personal Loans up Dramatically in 2023 Banking

Personal Loans up Dramatically in 2023

Hungary Makes Proposals to Ease Administrative Burden for EU... EU

Hungary Makes Proposals to Ease Administrative Burden for EU...

Competition Office Launches Probe of Temu Retail

Competition Office Launches Probe of Temu

Shortlist for Expat CEO of the Year 2024 Unveiled Awards

Shortlist for Expat CEO of the Year 2024 Unveiled

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.