Hankook to expand Hungary plant
Premium tyre maker Hankook would construct a new truck tyre plant in Rácalmás, Hungary for EUR 290 million. The work will start in first half of 2018 and the production is expected to commence in two years. It will play a pivotal role in Hankook Tire’s long-term strategy to cater to European market demands in both the original equipment and replacement truck and bus tyre sector.
The Hungarian plant is a key part of Hankook’s European strategy, as it is the only production unit within the region. The expansion is likely to create 150 new jobs and provide a production capacity of over 550 thousand medium and heavy truck and bus tyres annually.
“As a strategic partner to many leading vehicle makers, Hankook Tire has become well-known worldwide for its first-class technology and premium quality tyres in the car and SUV segment, and for some years in the medium and large size truck and bus segment too. Thus we have noticed a sharp increase in demand for our truck and bus tyres within the European market, and we hope to soon satisfy our customers increasing demands with the help of our new Hungarian truck and bus tyre unit,” said Han-Jun Kim, President of Hankook Tire Europe.
The production capacity in Hungary has reached more than 55,000 tyres per day, equating to a current production capacity of up to 19 million tyres a year, offering almost 900 size and model variations for passenger cars, SUVs, vans and light trucks, the company said.
Currently, Hankook Tire is supplying the European truck tyre market mainly from one of its Korean factories.