In a move to bolster its European market presence, premium tyre manufacturer Hankook has announced the expansion of its Rácalmás plant in Hungary. This strategic development, approved by the Board of Directors on November 23, 2023, involves the addition of a new truck and bus radial (TBR) tyre production line.
Since its completion in 2007, the Rácalmás facility has been a key component of Hankook's European expansion strategy. With three phases of construction completed, the plant currently boasts advanced manufacturing capabilities, producing 17 million passenger car and light truck tyres annually. Further enhancing its commitment to sustainability, the facility recently achieved the International Sustainability & Carbon Certification (ISCC) PLUS.
The latest expansion, representing an investment of approximately EUR 540 million, aims for completion by 2027. It is expected to significantly boost the plant's production capacity, adding an estimated 800,000 units of TBR tyres annually. This expansion is not just a boost for Hankook's manufacturing capabilities but also a boon for the local economy, creating around 450 new jobs.
Hankook's global footprint is impressive, with eight production sites and a capacity of approximately 102 million tyres per year. The company is renowned for its innovative and award-winning radial tyres, catering to a wide range of vehicles including passenger cars, light trucks, SUVs, and even motorsports vehicles.
The company’s dedication to quality and innovation is evident in its continuous investment in research and development. With five R&D centres and eight production facilities globally, Hankook is at the forefront of tyre technology. Its regional Technical Centre in Hanover, Germany, plays a crucial role in developing bespoke tyre solutions tailored for the European market, meeting the stringent requirements of leading premium car manufacturers.
Hankook's European headquarters, located in Neu-Isenburg, Germany, oversee a network of branches across Europe. The company's products are distributed through regional distributors in various local markets, making Hankook a global player in the tyre industry. Employing approximately 20,000 people worldwide and selling in over 160 countries, Hankook has a significant market share, with about 38 percent of its global sales generated in Europe. The company's commitment to sustainability and corporate responsibility is also noteworthy, as evidenced by its inclusion in the Dow Jones Sustainability World Index since 2016.
This expansion underscores Hankook's commitment to meet the growing demand in the European market and strengthens its position as a leading tyre manufacturer globally.
For more information about Hankook and its operations, please visit www.hankooktire-mediacenter.com or www.hankooktire.com.
