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Hankook to start plant building, R&D facility in Hungary

South Korean tire maker Hankook is to lay the foundation stone of its €533 million plant at Dunaújváros, central Hungary on Friday. The new facility will create 2,250 jobs. Hankook is also to put up a research and development centre at the factory with a staff of 30 people. Production is to be launched in the summer of 2007 and Hankook plans to roll out 10 million tires in 2010, business daily Világgazdaság reported on Tuesday. South Korea has already started the training of 20 employees for the R&D unit, since Hungary gives too few production management professionals to the market. The European Commission authorised late in June, under EC Treaty state aid rules, €92.6 million of aid which the Hungarian government intends to grant to Hankook Tire Co. for its new passenger and light truck tire plant.