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CeeInd - ''The leading Industrial Portal dedicated to the Growth market of Central and Eastern Europe > < Poland's Industrial Automation Surge: Record Robot Installations and EU Investment Drive Growth > < TeraPlast Group Strengthens Presence in Flexible Packaging with 70% Acquisition of Optiplast in Croatia > < Poland's Industrial Automation Surge: Record Robot Installations and EU Investment Drive Growth > < Mondi Enhances Sustainable Packaging Production with New Extrusion Line at Štětí Facility > < Nokian Tyres Opens World's First Zero CO2 Emission Tyre Factory in Oradea, Romania > < South Korea's Largest Food Company to Build First Factory in Central Europe, Located in Hungary > < BMW Begins Pre-Series Production of Neue Klasse in Hungary, Paving the Way for Electric Innovation > < Vetropack Completes €60 Million Furnace Upgrade in Croatia, Setting New Industry Standards > < DP World Invests €130 Million to Boost Romania’s Port and Logistics Infrastructure > < PalletBiz Romania Unveils State-of-the-Art Production Facility in Prejmer > < Arctic Paper Expands Renewable Energy Portfolio with 4 MW Solar Park Acquisition in Poland > < Y Soft Secures €30 Million EIB Investment to Advance Office Automation Technologies > < Poland: The Emerging Logistics Hub of Central and Eastern Europe (CEE) > < ArcelorMittal Poland Invests PLN 100M in Hydrogen Plant to Boost Krakow Steel Operations > < Shape Robotics Expands Romanian Distribution Network with Strategic Ingram Micro Partnership > < Poland Ranks as Europe's Second Most Active Industrial Market in 2024 > < PepsiCo Launches 3.5-MW Solar Farm in Poland, Powering Sustainability Goals > < Czech Companies Embrace Advanced Technologies to Drive Production Efficiency > < Poland Solidifies Its Status as a Global Poultry Export Leader > < Toyota Unveils Largest Logistics Hub in Europe in Czech Town Kolín > < CATL's Debrecen Battery Plant Set for 2025 Launch, Driving Europe's Green Transition > < Slovenia to Invest Up to €40 Million in Production of New Renault e-Twingo > < Lockheed Martin to Establish €50 Million Electrolyte Factory in Romania > < Michelin Shifts Jobs from UK to Romania and Poland as Part of European Restructuring > <

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Hankook Tire Announces HUF 210 Billion Expansion in Hungarian Plant, Boosting Jobs and Production

2023-12-22 00:00:00

Hankook Tire Plans Major Expansion in Hungary with HUF 210 Billion Investment

Hankook Tire, a leading South Korean tire manufacturer, is set to expand its operations in Hungary with a significant investment of HUF 210 billion. This development, announced by Hungary's Minister of Foreign Affairs and Trade Péter Szijjártó, will enhance the company's production capacity for bus and truck tires at its Rácalmás facility.

According to Szijjártó, the new plant expansion is expected to produce approximately 800,000 tires annually and will create 450 new jobs. Currently, Hankook Tire employs about 3,000 people in Hungary.

The Hungarian government will disclose the extent of state support for this project once it receives approval from the European Commission.

This investment highlights the growing presence of South Korean businesses in Hungary, with South Korean companies being the fourth-largest group of foreign investors in the country.

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