ERJ staff report (BC)
Seoul, South Korea – Tire maker Hankook Tire Co Ltd announced on 14 October that it plans to spend $800m (€591m) on building its first US factory. The company aims to capitalise on the recovery of the second-biggest car market and catch up with larger rivals.
Hankook expects to break ground on the factory in Tennessee by the end of 2014 and begin operations in 2016. The projected production capacity of the plant is 11m tires per annum.
The company has seven factories in Korea, China, Indonesia and Hungry, with a combined capacity of 93.8m tires per annum.
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Press release from Hankook