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Strike action may halt Hankook Hungary production

The Budapest Business Journal brings news of a potential wage related strike at Hankook’s plant in Hungary. Production apparently may come to a halt there “within days” following the establishment of a workers’ strike committee; the union representing employees at the South Korean manufacturer’s Rácalmás facility is reported as saying more than 1,700 Hankook workers there are now earning less than last year following the introduction of tax changes in January 2011. Talks with management over a potential pay increase have already begun, however the newspaper shares that Hankook Tire Magyarország Kft said a strike committee has been set up as an agreement over the size of the proposed pay rise “looked distant.”

3rd March 2011/by Tyrepress Editors

Work Starts on Conti Hungary Tyre Warehouse

In late August the cornerstone was set in place for an 18,000 square metre warehouse earmarked for use by Continental AG in the town of Mosonmagyaróvár, northwest Hungary. The warehouse, which is expected to be ready for use in January 2011, will serve as a storage point for tyres destined for sale in Hungary and Austria.

6th September 2010/by Tyrepress Editors

Alcoa Celebrates 5 millionth Wheel in Europe

Alcoa Wheel Products Europe is having a double celebratio. Not only is 2010 the 30th anniversary of the company’s European activities, but July marks the delivery of the firm’s 5,000,000th wheel to an unnamed customer somewhere in Europe. That lucky customer has been rewarded for their fortuity with a free set of Alcoa Dura-Bright forged aluminium wheels for their truck or trailer.

16th July 2010/by Tyrepress Editors

Hankook Inaugurates Global Education Facility

Hankook Tire has established a Global Education Center in Korea, a facility it says is intended to “collaborate and foster the company's production system.” Located within the tyre maker’s Daejeon plant, the new centre is intended to enhance the skills and abilities of staff working in production and other positions at factories in Korea, China, Hungary, as well as in plants Hankook intends to set up in the future. Through the Global Education Center, Hankook Tire expects to strengthen collaboration between members of its global production network, thereby ensuring production quality is of a unified standard.

14th July 2010/by Tyrepress Editors

Hankook Building Apartments for Hungarian Workers

South Korean manufacturer Hankook is to construct accommodation for its workers in Dunaújváros, Hungary. According to Hungarian news sources, construction on the 2 billion forint (£6 million) project will begin in early summer to be completed in 2011. It will house 500 workers. Hankook also plans to raise the employee numbers at its Hungarian facility from 1,200 to 1,900 claims the report.

6th May 2010/by Tyrepress Editors

Hankook’s Cho Hyun-Shik Appointed Honorary Hungarian Consul

Hungary has named Hankook Tire vice president Cho Hyun-Shik its honorary consul to South Korea in recognition of the company’s contribution to the country’s economic development and growth. Hungarian vice Foreign Minister Laszlo Varkonyi appointed Cho to this position on November 30 during a visit to Seoul in conjunction with Hungarian president Laszlo Solyom's four-day state visit to South Korea.

1st December 2009/by Tyrepress Editors

Continental Opens Hungary Test Track

Following the opening of its Veszprém, Hungary sensorics-development centre, Continental AG has opened a new test track designed for testing and developing electronic braking systems. Guests from the Chassis & Safety Division's management team, city councillors, faculty members from Veszprém and Budapest universities and numerous employees were in attendance.

The new test track for ABS and ESC systems consists of high friction, low friction and rough road test sections; altogether, it is over one kilometer long. According to the company, this expansion forms part of “Continental's contribution to Hungary's dynamic growth as an emerging economic region.”

17th November 2009/by Tyrepress Editors

Hankook Issues Van Tyre Recall

A voluntary recall has been issued on a number of sizes in Hankook Tire’s RA08 light commercial tyre range. The sizes included in the safety recall are 185/75R16C, 205/75R16C and 215/75R16C tyres produced at Hankook’s facility in Dunaujvaros, Hungary between April 2008 and June 2009.

14th October 2009/by Tyrepress Editors

Investment News Boosts Hankook Shares

In South Korea, shares in Hankook Tire gained 1.84 per cent after the tyre manufacturer announced that it would invest 230 million euros ($334.9 million) by 2011 to expand its factory in Hungary.

10th September 2009/by Tyrepress Editors

CBp Carbon Replies to Fader Statement

CBp Carbon Industries has released a press statement in response to the August 9 statement published by Fader Technologies LLC. The company states it is "saddened" that it must response to this release, but notes it has done so in order to "correct serious falsehoods and libels and to comfort the Company's stock holders."

11th August 2009/by Tyrepress Editors

Hankook Tire Doubles Quarterly Operating Profits

Hankook Tire has reported strong second quarter sales of 1,257.3 billion won (£613.945 million; 715.822 million euros; 1.009 billion), up 10.3 per cent from 1,111.7 billion won (£545.693 million; 637.191 million euros; $893.855 million) in the second quarter of 2008. However, the company also recorded a 239.6 per cent increase in quarterly operating profits, which grew from 79.0 billion won to 144.8 billion won (£71.098 million; 82.944 million; $116.456 million) in the second quarters of 2008 and 2009 respectively.

The Hankook Tire China and Hungary operation saw record-high growth that led to a triple-digit percentage increase in its operating profit figures. In particular, the China operation reportedly recorded a 34.8 per cent sales increase quarter-on-quarter due to an increase in consumer demands and OE supplies, in line with the growing Chinese automotive industry. The Hungary operation showed a 44.6% sales increase year-on-year and resulted in operating profits following growth in the European market and cost efficient production.

29th July 2009/by Tyrepress Editors

Paper: Apollo Tyres to Pay $300 million for Vredestein

Indian newspaper, the Hindustan Times, has reported that Apollo Tyres is to pay $300 million for Vredestein Banden.

7th May 2009/by Tyrepress Editors

Hankook Resumes Production in Hungary

Hankook’s factory in Dunaujvaros, Hungary resumed production on the afternoon of January 8, following a stoppage the previous day due to gas shortages. The tyre maker had previously anticipated that the factory would remain out of operation until the evening of January 9, reported Hungary’s MTI news agency on January 8.

9th January 2009/by Tyrepress Editors

Gas Restrictions Stop Production at Hankook’s Hungary Plant

Production at Hankook Tire’s Dunaujvaros factory in Hungary drew to a halt on January 7, reports the Hungarian MTI news agency, after national restrictions were imposed upon certain industrial users of natural gas. According to MTI, Hankook spokeswoman Katalin Roy said production will restart on the evening of January 9. The restrictions were put in place after supplies of gas from Russia, which reach Hungary via the Ukraine, completely stopped on January 6.

8th January 2009/by Tyrepress Editors

Columbian Tiszai Carbon Completes Hungary Expansion

Columbian Tiszai Carbon, the Hungarian operation of US-based Columbian Chemicals Company, has completed a HUF7-billion (£20.4 million) expansion at its base in Tiszaújváros, northeast Hungary, CEO László Dobos told Hungarian news source MTI Econews.

The investment has increased the facility’s carbon black capacity by 50 per cent to about 100,000 tons a year, Dobos said. Demand for the product has particularly grown since tyre manufacturers have set up production bases in Hungary and elsewhere in the region, he added. Most of the plant’s carbon black goes to tyre makers, and the rest goes to the plastics and paint industries.

17th October 2008/by Tyrepress Editors