Hankook to invest abroad

Hankook to invest abroad

SEOUL (Reuter): Hankook Tire Manufacturing Co Ltd plans to invest US$1.2 billion by the year 2002 to build plants in Indonesia and several other Asian countries, a company spokesman said yesterday.

Spokesman Lee Eui-hyung said Hankook Tire would invest $600 million to expand existing plants and to build additional new plants in China.

The remaining $600 million would be spent to build two plants in Southeast Asia. Hankook Tire is negotiating with Indonesia, Thailand, Philippines and Vietnam, Lee said.

He said Hankook Tire would have an annual production capacity of 75 million tyres by 2002 at home and abroad from 35 million at present.

The company expects the Chinese plants to produce about 22 million tyres a year.

In addition to the overseas investment, Hankook Tire will invest 1.3 trillion won to expand domestic production to 20 million units a year.