Hankook investing €1.6bn in Tennessee plant expansion

Hankook Tire is investing $1.6 billion into the expansion of its tyre production plant in Clarksville, Tennessee.

The project will include the previously planned phase 2 expansion to double production capacity for passenger car and light truck tyres.

It also adds a phase 3 project to build the company’s first US facility for the production of truck bus and radial (TBR) tyres.

Set for start-up in the fourth quarter of 2024, the expansion will create 400 new jobs, bringing the total number of employees to 1,200 people.

The project will reach full capacity by early 2026, doubling passenger car tyre production to 11 million units per year, and manufacturing one million TBR tyres annually.

The expansion brings Hankook’s total investment in the area to $2.2 billion.

“The investment in our Tennessee Plant further demonstrates Hankook’s growing presence in the US and commitment to serving our customers,” said Sooil Lee, CEO of Hankook Tire & Technology and president of Hankook Tire America Corp.