CHONGQING, China — Hankook Tire & Technology Co. Ltd. is upgrading and expanding truck and bus tire production at its 11-year-old plant in Chongqing, according to an environmental impact assessment report filed recently.
The project, valued at $7 million, involves the "technical transformation" of the truck/bus tire production line at the existing workshop, Hankook said, along with the addition of one truck/bus tire building machine and seven hydraulic vulcanizing machines.
Once completed, the project will result in a 15% increase in production capacity for truck/bus tires to 1.04 million units annually, Hankook said. The The extra capacity represents a potential increase in revenue of about $35 million a year, the document states.
Hankook Tire broke ground in 2011 on the plant in Chongqing, which also has capacity for passenger tires. Hankook budgeted $954 million car for the 5.7 million-sq.-ft. plant in southwest China.
The plant is one of three Hankook operates in China.
