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.