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Hankook will double production in Europe

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Hankook Tire Co. will invest 230 million euros in its Hungary plant over the next two years in order to boost its annual production capacity 50% to 10 million units. The investment is expected to be completed by the end of 2011.

"In accordance with its long-term plans to increase its production portion of ultra-high performance tires, Hankook also will add (run-flat production)... to the Hungary plant," say company officials.

"With the additional production capacity, and even better productivity, we will be able to more aggressively focus on the European market, bringing us closer to our goal of becoming a leading, global company," says Hankook CEO Seung Hwa Suh.

Hankook's Hungary plant went on-line in 2007.

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