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Hankook Tire Magyarország to complete second phase of €550 mln plant in August

Korean tire maker Hankook will complete the second phase of its plant in the Hungarian city of Rácalmás in August, bringing the amount the company has invested at the base to €550 million, Hankook Tire Magyarország communications manager Katalin Roy said.

The 56,000 sqm production hall in Rácalmás, not far from Budapest, is 80% completed, said Tamás Fridrich, who is overseeing construction. Completion of the phase will double capacity at the base to 11 million tires a year. It will raise the plant's share of the parent company global output from 7.5% to 13.7%, Roy said.

Hankook has already hired 400 people to man the new capacity, bringing total headcount at the base to 1,900. Hankook is expanding the product palette at the base to include puncture resistance tires for premium category cars, Roy said.