GURGAON, India (June 3, 2014) — Apollo Tyres Ltd. is denying published reports in Europe that it has selected Hungary as the site for the $685 million tire plant it’s planning to build in eastern Europe.
Apollo’s board of directors released a statement today stressing that: “The company is yet to finalize on the exact location for this greenfield facility.”
The Slovakian daily newspaper Hospodárske noviny reported on May 31 that Apollo had ruled out a site in Slovak Republic and thus had opted to build the plant in Hungary.
Luis Ceneviz, president of Apollo Vredestein B.V., responsible for Apollo Tyres’ Europe, Sub-Saharan Africa and Americas businesses, told Tire Business at the recent Reifen Show in Essen, Germany, that Apollo had narrowed its site search to locations in Hungary and Slovak Republic.
A final decision on the site was expected in the coming weeks, Mr. Ceveniz said.
Apollo’s board of directors disclosed their approval April 16 of the budget of $685 million over four years to build a car and truck tire plant in eastern Europe. The project envisions a plant with capacity for 16,000 passenger and 3,000 truck tires a day
Titan International and the United Steelworkers union have petitioned the U.S. International Trade Commission and U.S. Department of Commerce seeking relief from OTR tire imports from China, India and Sri Lanka. What’s your opinion?
|I wholeheartedly support their action – something needs to be done.||
|I think it’s a bad idea that could inevitably tie the hands of domestic tire makers.||
|I oppose any duties against tire importers—they only raise costs for distributors and make it harder to obtain inventory.||
|I’m kind of on the fence and not sure what’s right, but need more information before deciding.||
|I don’t really care whether or not relief is granted.||
|Total votes: 78|