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Hankook Tire Selects Hungary as ‘Preferred Site’

Hankook Tire’s board of directors has approved the selection of Hungary as a preferred site for its proposed 500 million euro plant, the AFX news agency has reported. According to the report, Hankook has formed a local unit — tentatively named Hankook Tire Hungary Ltd — to conduct talks with the Hungarian government.

The unit is said to have a capital base of 14.9 million won. “If the talks are going well, then we can expect to announce the result in early November,” a Hankook Tire spokesman said. The news follows Slovakia’s refusal of incentives worth 110 million euros.

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Hankook in Talks with Hungary on New Tyre Plant

(Akron/Tire Review) Hankook has reportedly conducted talks with Hungarian Economic Minister János Kóka on potentially locating its new Eastern European plant there. The report is according to a daily newspaper in Hungary. Earlier this year, Hankook announced its plans to spend $650 million on an Eastern European plant capable of producing five million tires annually. The tyremaker had picked Slovakia as the site, but negotiations have since been hampered due to disagreements over the government’s incentive package. Korean news reports have stated that Hankook will announce the intended location of its new plant by November. Production is slated to begin in 2007.

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Michelin Opens $70.2 Million Hungary Factory

Michelin has opened a new passenger car tyre manufacturing facility in the Hungarian city of Nyiregyhaza. The French company has invested 14.5 billion forints (£39.8 million) in the new production unit, which is expected to produce 800,000 tyres annually and will employ 217 people.

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Bridgestone Eyes Hungary For New Plant

(Akron/Tire Review) According to an Associated Press report, Bridgestone Corp. is looking to build a new tire plant in Tatabanya, Hungary. Construction on the plant, estimated at $229 million, would start next year.

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Alcoa Wins Hungarian National Excellence Award

Alcoa’s Hungarian wheel plant won the 2004 National Quality/Excellence Award, the most prestigious business excellence award in Hungary, the company has announced. Alcoa Wheel Products Europe (AWPE) was awarded the national prize by Hungarian Prime Minister Ferenc Gyurcsany during a recent ceremony.

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Alcoa Foundation Invests in Education

The Alcoa Foundation has announced that it has awarded $117,000 (£63,000) in grants, to universities in Hungary. The foundation hopes the donations, made in light of the country’s recent accession into the European Union, will aid the country’s preparations to develop the next generation of business leaders.

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Superior Industries First Quarter Results

Wheel manufacturer Superior Industries has released its first quarter 2004 results. Turnover was up 10.7 per cent to an all-time high of $234.19 million. Net income fell to $13.667 million, compared with $22.266 million in 1Q 2003. Superior’s aluminium suspension components business made a loss of $2.9 million, while the company’s share of profits from its wheel manufacturing joint venture SUOFTEC in Hungary was $2.17 million, due largely to the favourable currency exchange rate.

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Strong car markets in candidate states

In 2003 the automobile markets of the EU candidate states Czech Republic, Hungary and Poland have developed strongly. According to press releases the Poles have bought 358,414 or 16 per cent more new cars than the year before. In Hungary the same figures amounted up to 210,000 cars or plus 21 per cent compared to 2002 while the Czech new car market only grew by 1.2 per cent.

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Social award for Alcoa factory

The Alcoa-Kofem factory in Székesfehérvár, Hungary, is the first-ever recipient of the Good Corporate Citizenship and Social Responsibility Award, from leading Hungarian business and economic journal Figyelo. The Alcoa-Kofem factory produces forged aluminium truck wheels.

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Work Begins On Slovak Factory For PSA

The cornerstone has been laid for Peugeot Citroen’s new factory in Trnava, Slovakia. Vehicle production should begin in 2006, with an annual capacity of 300,000 units, employing 3,500 staff. The project represents an investment of 700 million Euros and is part of PSA’s strategy to move manufacturing closer to expanding markets. In March this year, PSA’s market share in the six Central European countries of Croatia, Hungary, Poland, the Czech Republic, Slovakia and Slovenia was 13.6 per cent, compared to five per cent five years earlier.

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All Superior Industry Plants To Be ISO 14001

Superior Industries International is expanding its commitment to customers, employees and the environment by ensuring that its production facilities are all certified to ISO 14001 within the next six months. Already, plants at Pittsburg, Kansas, Arkansas, Chihuahua, Mexico and Tatabanya, Hungary are registered to ISO 14001, other plants at Arkansas, California and Tennessee should also gain certification within six months. Executive Vice President, Steven J. Borick said,” ISO 14001 certification underscores our commitment to quality and productivity, as well as to the quality of life of our employees and the communities in which we work.”

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Hayes Lemmerz Sells Schenk Foundry

Hayes Lemmerz has announced the sale of its Schenk foundry, sited at Maulbronn, Germany, to Metallwerke Kloß GmbH (MWK), for an undisclosed sum. The light metal foundry produces parts for, among others, the automobile industry and employs 300 staff. MWK has four locations in Germany, plus plants in Hungary and Spain, and employs 650 people.

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