ERJ staff report (LMH)
Seoul -- Hankook Tire held the groundbreaking ceremony for its third Chinese Plant in Yufu Industrial park of Chongqing Liangjiang New Area on 18 May, the company said in a news release.
Hankook signed a $954 million (euro 668.1 million) investment agreement in Chongqing on November 2010. With an area of approximately 530,000 square meters, the new plant, which will start operation by August 2012, will mainly produce truck-and bus, passenger car tyres.
The plant will be completed by the end of 2015 and will produce 4500 TBR and 30 000 PCR tyres per day, Hankook said in the 19 May statement. It will have production capacity of 11.5 million per year, among which 1.6million units are truck-and-bus tyres.
Seung Hwa Suh, CEO of Hankook Tire said, â€œOn 18 May 1997, Hankook Tire's first factory production lines in China was completed. This was the day when we started the first Chinese Hankook Tire brand products. Now, we have achieved about 20 percent market share of passenger car tires in China and this would not have been possible without the customers' full trust and support to our company quality.â€
He added, â€œWe decided to build the third Chinese plant in Liangjiang New Area since it is the economic centre and a leader in western China. The new plant will help Hankook Tire blend into western China, and further consolidate and expand the advantage in China market.â€
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Press release from Hankook Tire