Hankook Tire, Korea’s largest tire maker, has recently submitted a letter of intent to the Hungarian government for the expansion of its plant there, officials said Wednesday.
An official deal for the new investment, which aims to meet surging demands in the European market, will be signed possibly in the coming two to three months, the company said.
The expansion would elevate the factory’s annual output to 17 million tires. If the construction work starts in July as planned, its operation is expected to begin in mid-2014, officials said.
The Hungary factory, whose operation started in 2007, has continued to increase production from 6 million in 2010 to 9 million in 2011 and 12 million in 2012.
(
jylee@heraldcorp.com)
