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Group13_HankookTires - The combined investment of EUR550...

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Hankook Tire: Will Invest EUR230M In Hungary Plant This Year By Kyong-Ae Choi Of DOW JONES NEWSWIRES 280 words 8 September 2009 02:23 Dow Jones International News DJI English SEOUL (Dow Jones)--Hankook Tire Manufacturing Co. (000240.SE) will invest EUR230 million to expand its Hungary plant this year and it is in tire supply talks with European makers of luxury cars, the company's chief executive said Tuesday. "Additional production capacity will be necessary over the next several years to meet all of our consumers' demands," Suh Seung-hwa told Dow Jones Newswires in an interview. As part of efforts to strengthen its brand awareness, South Korea's largest tiremaker by sales is in talks with several "Audi-level" European carmakers to supply their tires, he said, without giving the company names. The new investment in the plant in Hungary will double its annual capacity to 10 million units by 2011. Hankook Tire has already injected EUR320 million into the plant as it regards Europe as a chief target for expansion.
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Unformatted text preview: The combined investment of EUR550 million is a 10% increase from the EUR500 million the company had originally planned. Hankook Tire is targeting 6.1% of the European tire market in 2011, up from the current market share of 5.8%, said the chief executive. Hankook Tire expects recovering demand to help the company achieve its sales target of KRW2.695 trillion for operations in South Korea this year. In the January-June period, it reported a 13% on-year rise in sales to KRW1.291 trillion on the back of robust sales at its Chinese and Hungarian operations.-By Kyong-Ae Choi, Dow Jones Newswires; 822-2198-2236; kyong-[email protected] [ 08-09-09 0650GMT ] Document DJI0000020090908e5980008k © 2010 Factiva, Inc. All rights reserved. Factiva http://global.factiva.com.lp.hscl.ufl.edu/hp/printsavews.aspx?pp. .. 1 of 1 3/14/10 4:40 PM...
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