RACALMAS, Hungary (Oct. 17, 2011)—Hankook Tire Co. Ltd. has completed construction of the second production unit at its plant in Racalmas, which is expected to double its output next year.
Hankook said it invested $333.5 million on the two-year project to expand the factory's annual capacity to 12 million passenger and light truck tires and boost employment to 1,900.
The tire maker said the new unit doubles the factory's production volume and allows for the additional daily output of up to 17,000 tires. That brings the total capacity to approximately 34,000 tires per day.
Since the factory opened in 2007, it has produced more than 22.5 million tires, the company said. About 6 million tires were manufactured in 2010 and this year's total production is expected to reach 9 million tires.
Hankook said original equipment tires account for about 10 percent of production at the sites, which delivers OE product directly to the European factories of Volkswagen A.G., Hyundai Motor Co. and KIA Motors Group.