Business

Hankook announces US$353
million investment

South Korea-based Hankook Tire on Thursday unveiled its US$353 million investment plan in Indonesia, saying this would pave the way for the company to become the fifth-largest tire producer in the world by 2014.

Hankook chief executive officer Seung Hwa Suh said the investment would be used to build a new manufacturing plant in Bekasi, West Java. The development of the new manufacturing facility is expected to commence in the third quarter of this year, he added.

"The Indonesian plant is a major step toward achieving our 5-1-1 goals [producing 100 million tires by 2014], implementing a new production base that accommodates tire customer needs, expand sales and strengthens Hankook Tire’s top position," Sueng said in a press statement.

The firm currently has five production plants around the globe.

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