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Hankook opts for Hungary

KOREAN tyre maker Hankook Tire announced to investors on October 24 at the domestic stock exchange that it had decided to place its new production plant in Hungary, the daily SME reported.

Slovakia was at first favourite to get the estimated €500 million investment. However, the company backed out after the cabinet refused to approve generous state incentives.

After the location of the investment was announced, the Economy Ministry told journalists it had received a letter from Hankook Tire. In this letter, the company agreed to reopen investment negotiations with Slovakia.

Hankook spokesman Kim Sung-joong told Reuters that the decision could still be reversed depending on how negotiations with Hungary proceeded. The Slovak Embassy in the Korean Republic also confirmed that this is not the final decision of the company.

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