Hankook Tire is to build its sixth global manufacturing plant – this one in Liang Jiang Xin Qu, Chongqing Municipal, China – its third in that country.
Seung Hwa Suh, vice chairman and CEO of Hankook, says that, with the opening of its newest plant, which involves a $954 million investment,the company will become the world's fifth largest tyre firm.
And with the new plant sized to produce a total of 11.5 million passenger car and truck-and-bus tyres per year, that's not difficult to believe.
"With the establishment of our sixth plant, we have taken another step towards our goal to strengthen our global foothold and to become a leading global tyre company," says Suh.
"We will continue to seek for future investment opportunities in order to improve our production capacity and productivity, and will also show our commitment to the local communities," he adds.
