Hankook Tire Co. has announced plans to build a sixth plant. The factory, which will be located in China, represents a total investment of $954 million.
Hankook will break ground on the plant during the first quarter of 2011. The factory is expected to be completed by the end of 2015.
"Upon completion, the new plant will produce a total number of 11.5 million passenger car and truck-and-bus tires, generating sales of $1 billion annually," say Hankook officials. "It also will create about 4,600 new jobs."
Hankook Chairman and CEO Seung Hwa Suh says that with the plant, Hankook "has taken another step towards our goal to strengthen our global foothold and to become a leading global tire company. We will continue to seek future investment opportunities in order to improve our production capacity and productivity."
Currently, Hankook has two plants in China, two in its native South Korea, and one in Hungary. All of them are running at full capacity, say company officials.
