SEOUL, South Korea (Feb, 1, 2010)—Hankook Tire Co. Ltd is investing $82 million at its plant in Jiaxing, China, this year to boost capacity for passenger and light truck tires by 2.1 million units.
The expansion at Hankook Tire Jiaxing Co. Ltd.'s will increase the 12-year-old plant's annual capacity about 7 percent to 30 million tires by next year.
Hankook didn't comment on the reasons for the project nor on its effect on employment.
The Jiaxing factory is one of two Hankook operates in China. The other, Jiangsu Hankook Tire Co. Ltd. in Huaian, Jingsu Province, is a joint venture with China's Jiangsu Qingtjiang Rubber Co. Ltd. that makes passenger, light truck, medium truck and industrial tires.