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Hankook further expands tire plant

Pharma

South Koreaʼs Hankook Tire Magyarország will start the fourth phase of the expansion of its plant in Rácalmás, southwest of Budapest, this year, Hungarian Minister of Foreign Affairs and Trade Péter Szijjártó said on Friday.

The fourth phase will cost HUF 89 billion and the government will give a HUF 2.97 bln grant to the plant, which will create 150 high value-added jobs, Szijjártó said, cited by national news agency MTI.

The new addition is scheduled to start production in the middle of June 2020, said Hankook Tire director for Europe Han-Jun Kim. Hankook has invested a total of EUR 880 million at its Hungarian plant and has turned out 120 million tires since the plant started production in June 2007.

Hankook employs nearly 3,300 workers at the plant. The plant supplies tires to Audi, Opel, BMW, Fiat, Ford, Seat, Škoda, Porsche and Volkswagen, among others in Europe, the director said.

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