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
