NEU-ISENBURG, Germany (Sept. 11, 2009)—Hankook Tire Co. Ltd. plans to invest $333.5 million in its consumer tire plant in Dunaujvaros, Hungary, in the coming two years to double annual capacity at the two-year-old factory to 10 million tires.
The expansion is expected to create about 700 jobs once it is fully operational by year-end 2011, Hankook said, boosting employment at the site to more than 1,900.
The project will include adding capacity for run-flat tires and will allow the plant to accommodate new European Union labeling requirements, which must be put in place by 2012.
The investment will bring to nearly $800 million Hankook's investment to build and expand the passenger and light truck tire plant.