Hankook Tire Co. has verified it will build a new tire manufacturing plant in Slovakia.
The company will invest 500 million euros into the plant; 300 million euros will be invested into bricks and mortar, while the remaining 200 million euros will buy production equipment.
The contract, between Hankook and the Slovak government, has yet to be signed. But according to AFX News Ltd., Hankook said it "will study the final details of the investment and have a contract signing ceremony at the end of this month."
The tire company "had been considering the Czech Republic, Poland, and Slovakia for its European production base and chose Slovakia because of investment incentives," AFX added.
Earlier this year, Hankook denied it had chosen Slovakia as its production base.
