Hankook Completes EUR 540 Mn Expansion at Hungary Plant

South Korean tire maker Hankook has completed a EUR 540 million expansion at its plant in Rácalmás (C Hungary) where production of truck and bus tires will begin in October. The newly built plant has an annual production capacity of more than 800,000 units.

The South Korean conglomerate announced on Tuesday that the fourth phase of expansion, which began in 2024, includes approximately 66,000 square meters of new manufacturing and support facilities, as well as a new production line for truck and bus tires. With the new production line, Hankook will create more than 450 jobs in the region.

They noted that since 2007, they have invested approximately EUR 856 million in the Hungarian manufacturing plant across three expansion phases; the third phase was completed in the spring of 2015, bringing the Rácalmás plant’s annual production capacity to 17 million tires for passenger cars, SUVs, and light commercial vehicles.

At the IAA Transportation trade show, which opened Tuesday in Hanover – where the first pre-production tire manufactured at the new plant was officially unveiled – Park Jong-ho, President and COO of Hankook Tire Europe, emphasized: Europe is one of Hankook’s most important markets, accounting for approximately 45 percent of the company’s global revenue.

Vice President Im Hothek, managing director of the Rácalmás plant, explained that production will begin in October with 22.5-inch truck and bus tires.

Hankook operates eight manufacturing plants worldwide, with a combined annual capacity of up to 100 million tires, and employs approximately 20,000 people. The manufacturer ships its products to 160 countries.

According to publicly available company data, Hankook employs more than 3,000 people in Hungary. In the 2025 fiscal year, the company posted net revenue of HUF 360 billion and a profit of HUF 10 billion, while a year earlier it reported revenue of HUF 349.5 billion and a profit after tax of HUF 84 billion.