Hankook to build third tyre plant in China -- reports

ERJ staff report (DS)

Shanghai, China -- Local press are reporting that Hankook held a press conference in Shanghai on Wednesday, to announce the company's plans for China, which will include a large tyre factory in the region as well as expansions of existing facilities.

"To meet the growing demand here, we started to equip one of our existing factories with additional facilities, and are now considering building a new one," Heo Ki-yeol, head of Hankook Tire China Headquarters, was quoted by the company as saying during a press conference held in Shanghai on Wednesday.

Hankook did not responded to a request for clarification.

Company officials reportedly said the company expects to build a new factory in the western part of China with capacity of 10 million units/year, bringing Hankook's total capacity there to 44 million units/year. The company claimed a 20 percent market share in China and said it produced 29 million units there in 2009.

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