SEOUL, South Korea-Hankook Tire Co. Ltd. has revealed plans to invest $75 million in a tire manufacturing venture near JaiXing City, in China's Zhejiang Province, the company's second Chinese venture. Hankook said it will purchase a 54.5-acre site in the JiaXing Economic Zone, about 56 miles southwest of Shanghai, where it will engineer and equip a plant for a daily output of 14,000 passenger radials and 30,000 inner tubes by 2001.
Production is scheduled to begin as early as the first half of 1998, with initial capacity of 5,000 tires and 15,000 tubes a day.
AKRON-Total tire production in Central and South America should grow about 5 percent annually to nearly 66 million tires by 2001, according to a recently published study by Akron-based Smithers Scientific Services Inc.
Brazil is the dominant economic force in the region, and much depends on its continued development as an automotive industry powerhouse, Smithers researchers said. Brazil accounts for 75 percent of the region's vehicle output and nearly 62 percent of its tire production, they added.