Hankook Tire is building upon its long-term strategy for the global and European market with the expansion of its Hungarian plant. The fourth phase of the expansion is expected to reach an investment amount of approximately 290 million EUR (approximately $360 million USD), create approximately 150 new jobs and provide a production capacity of more than 550,000 medium and heavy truck and bus tires yearly. Due to the large-scale investment, the Rácalmás factory is now among the largest employers and most significant economic players in Hungary, while maintaining its top class corporate citizen status.
Since laying down the foundation stone in July 2006, the factory has been continuously expanded and updated over the years. Thanks to the latest developments, the production capacity has reached more than 55,000 tires per day, equating to a current production capacity of up to 19 million tires a year, and offering almost 900 size and model variations for passenger cars, SUVs, vans and light trucks. Since the initial phase of construction, the capacity has increased 3.5 times, while maintaining excellent production quality proven by the OE supply for various popular automobile brands such as Audi, BMW, Fiat, Ford, Hyundai, Kia, Mercedes-Benz, MINI, Opel, Peugeot, Porsche, Seat, Skoda and VW.
During the past 10 years, Hankook Tire also has strengthened its position within the medium- and large-size truck and bus tire segment not only in Europe but worldwide. Mercedes-Benz and MAN selected Hankook Tire as its original tire supplier in 2014, followed by MAN in 2015 and Scania in 2016. Since 2013, the company also has been providing tires to Schmitz Cargobull, the largest trailer manufacturer in Europe.
After seeing a significant and stable increase in demand over the years, the decision was made to establish a Europe-based truck and bus tire production facility at the company’s Hungarian plant. The construction is set to begin in June 2018, and the new unit is expected to start production around June 2020. Hankook says it expects to strengthen the company’s global presence as a premium tire maker as a result of this expansion.
“As a strategic partner to many leading vehicle makers, Hankook Tire has become well-known worldwide for its cutting-edge technology and premium quality tires in the car and SUV segment, and for some years in the medium and large size truck and bus segment, too,” said Hyun Bum Cho, president and CEO of Hankook Tire. “We have noticed a sharp increase in demand for our truck and bus tires globally so we will continuously satisfy our customers’ needs with the help of our new Hungarian truck and bus tire unit.”
