SEOUL, South Korea-Hankook Tire Manufacturing Co. has formed a $110 million joint venture with China's Qingjiang Rubber Factory to produce radial tires in China's Jiangsu province. The venture represents Hankook's first tire production outside South Korea. The project, in which Hankook is the majority partner, will begin production in 1998 with an eventual capacity of 2.1 million units annually, according to a Reuter News Service report.
In a separate agreement, Hankook said it will supply technical support for a $32 million program to increase Qingjiang's production of bias-ply tires to 800,000 units annually in 1996 and 1.4 million in following years.
Bandag shop opens in Romania
BUCHAREST, Romania-Romania's S.C. Tofan Grup SA, working in cooperation with Bandag Inc., has opened that eastern European country's first retread plant in Bucharest.
The plant is the first of five Bandag shops Tofan plans to open in Romania, which together should have the capacity to produce 250,000 retreads annually. The second unit is scheduled to be opened in Iasi, a Bandag spokesman said.