Hankook to build first US plant in Tennessee
Hankook plans to situate its first US-based manufacturing facility in Tennessee, the manufacturer has stated. The new global manufacturing plant is expected to be backed by a total investment of US$800 million, and will provide additional capacity for its growing business in the country. When completed, the factory will become Hankook Tire’s eighth global production base, with an expected annual production capacity of 11 million tyres. Groundbreaking is due to take place by the end of 2014 with operations commencing in 2016.
Seung-Hwa Suh, Hankook Tire’s vice chairman and CEO, says: “The new plant in the United States will further strengthen our well-balanced global production portfolio, complete with manufacturing bases located in all major markets. With this newest manufacturing facility in place, we will be able to supply the highest quality tyre products that meet fast growing demands from consumers and automakers in the United States.”
A further announcement is due to be made from the Wilma Rudolph Event Center in Tennessee with the presence of State of Tennessee governor Bill Haslam along with local and state officials and media representatives. Hankook says it considers Tennessee an ideal plant location, providing an extensive transportation network including rail, plane and interstate highway network as well as regional access to the Mississippi River inland waterway.
The newly announced plant will act as Hankook Tire’s key business growth driver in the North American market by accommodating a fast growing demand for its products within the region. Also, such plan exhibits Hankook Tire’s continued execution of its foresighted investment strategy, striding towards completing its global production portfolio and therefore becoming a globally leading tyre company.