S Korea's Hankook Tire to build new plant in China

Updated: 2010-11-23 17:07


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SEOUL - South Korea's Hankook Tire, the world's seventh largest tire maker, said Tuesday it would build the sixth manufacturing plant in Chongqing in southwestern China.

The new plant with a total investment of $954 million will break ground in the first quarter of 2011 and is expected to be completed by the end of 2015, the company said.

Upon completion, the new plant will produce a total of 11.5 million tires, generate sales of $1 billion annually, and create about 4,600 new jobs.

Currently, Hankook Tire is operating five production facilities around the globe, two in South Korea, two in China and one in Hungary.

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