Brussels backs Hankook plant grant

The European Commission has authorized €92.6 million in state aid to South Korean tyre manufacturer Hankook for the creation of a production plant in Dunaújváros. The EU gave the green light to the project after five months of analysis.

EU regulators said they will endorse such a large grant as it would help to develop a disadvantaged region. The project, to be spread over five years, is aimed at producing tyres for private cars and small trucks. Construction of the plant will start this year and end in 2010, and is expected to directly create 1,500 jobs, and up to 750 additional positions. The total investment is estimated at €424.9 million. The plant will be the first Hankook production site in Europe.

The above story is just one of more than two dozen published today by Hungary Around the Clock, the most comprehensive source of daily English-language news about Hungary. For a free trial of HATC, click here. Hungarian news sources include Népszabadság; Magyar Hírlap; Világgazdaság; Napi Gazdaság; Magyar Nemzet; Népszava; Kossuth Rádió news and Hungarian television's nightly news broadcast.

• Email
• Save to My Caboodle