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April 22, 2005

SOUTH KOREA: Source tips Slovakia for new Hankook tyre plant

South Korea's leading tyre producer Hankook Tyre has chosen Slovakia for its new €500 million euros ($653 million) European factory, a source close to the project told Reuters, but the company reportedly said no decision had been taken.

South Korea’s leading tyre producer Hankook Tyre has chosen Slovakia for its new €500 million euros ($653 million) European factory, a source close to the project told Reuters , but the company reportedly said no decision had been taken.

The source, who asked the news agency for anonymity, said the factory was expected to be located near the western Slovak town of Levice, about 130 km (78 miles) east of the capital Bratislava, and should create 1,500 new jobs.

“Hankook had been deciding between Hungary, Poland and Slovakia. It has decided to choose Slovakia,” the source told Reuters , adding there were some unspecified issues still open that the company would negotiate with the government.

“Nothing has been decided yet,” Kim Sung-joong, a Hankook Tire spokesman, told Reuters , adding: “The list is now shortened to three countries – Slovakia, Poland and Hungary. Who will win depends on which country can offer the most incentives, such as tax reductions.”

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