EMCC European Monitoring Centre on Change

Hankook Tire

Company/Organisation:
Hankook Tire

Geographic Location

Country: Hungary
Region: Fejer; Kozep-Dunantul; Dunantul
Location of affected unit(s): Dunaújváros

Company

Sector: Manufacturing
Manufacture of rubber and plastics products, and other non-metallic mineral products
22.11 - Manufacture of rubber tyres and tubes; retreading and rebuilding of rubber tyres

Employment Effects

Announcement Date: 25-10-2005
Type of Restructuring: Business expansion
Employment Effect Start: 01-06-2009
Planned Job Creation: 1500

Additional Information

South Korean tyre producer Hankook Tire agreed to establish a green field investment in Dunaújváros for EUR 500 million which will create 1,500 jobs. The construction works is to begin in March 2006, while the tyre production is expected to start in 2007. The plant is expected to reach its full production capacity by 2010, producing 10 million tyres a year. Originally, the factory was planned to be built in the south Slovakian town of Léva, however, Hankook was unable to come to terms with the Slovakian government on the amount of state subsidies.