The Hungarian Minister of Foreign Affairs and Trade Péter Szijjártó announced recently that South Korea’s Hankook Tire Magyarország will begin its fourth phase of expanding its plant in Rácalmás, southwest of Budapest, this year.
The fourth phase will cost HUF 89 billion and the government will give a HUF 2.97 billion grant to the plant, which will create 150 high value-added jobs, Szijjártó said
The new addition is scheduled to start production in the middle of June 2020, said Hankook Tire director for Europe Han-Jun Kim. Hankook has invested a total of EUR880 million at its Hungarian plant and has turned out 120 million tyres since the plant started production in June 2007.
Hankook employs nearly 3,300 workers at the plant. The plant supplies tyres to Audi, Opel, BMW, Fiat, Ford, Seat, Škoda, Porsche and Volkswagen, among others in Europe, the director said.