Korean-owned Hankook Tire invests nearly EUR 540 million to extend its plant in Rácalmás, located in Fejér County, the Hungarian Invesment Promotion Agency reports. According to MTI, the government is providing taxpayers' money for the project, the amount of which will be disclosed only after the European Commission's approval.
Currently operating in over 160 countries, Hankook has eight production sites and five R&D centers around the world, with over 20,000 highly dedicated professionals. The company started to operate in Rácalmás, central Hungary in 2007, and now it has decided to implement a major capacity extension.
By investing close to EUR 540 million, the Korean company will build a tire plant of around 66,000 square meters and an automated storage facility. Construction will take place on a previously purchased area of 66 hectares. The plant’s annual capacity will amount to 800,000 TBR (Truck and Bus Radial) tires.
As a result of the project, over 450 jobs are promised to be created.
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