Hankook Tyre Manufacturing Co. Ltd. reportedly said on Wednesday it was looking into building a new plant, but denied reports the Czech Republic had been singled out a possible site.
Go deeper with GlobalData
A source close to talks on the deal told Reuters on Tuesday Hankook, the world’s ninth-largest tyre maker by sales, was considering investing as much as $US500 million to build a plant in the Czech Republic.
“Currently, we are at the stage of studying a need to build a new plant driven by increasing demand. Therefore, nothing has been decided yet,” Hankook spokesman Kim Seong-jung told the news agency, adding: “We’ve not looked at that country or anywhere else.”
Reuters noted that South Korean companies have been increasingly targeting central and eastern Europe to get a low-cost foothold in Europe – Hyundai Motor on Tuesday selected neighbouring Slovakia for a new €700 million ($US870 million) plant which will start making Kia cars in 2006.
The Hankook spokesman reportedly said he was not aware that a group of senior Hankook executives would visit the Czech Republic this month to explore investment opportunities.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
