Hankook Not Planning Lay-offs at Hungarian Unit

The Hungarian unit of Korea's Hankook Tire, Hankook Tire Hungary, announced on March 23 that it is not planning any lay-offs at its plant in Dunaujvaros (Central Hungary), the Dunaujvaros online newspaper dh online.hu reported.

The Korean parent company is providing full backing for its Hungarian subsidiary, which services the European market, Managing Director Lee Sang Il told the website. "This market is much bigger than our current capacity, so there is room for further development," he added.
Hankook Tire Hungary is currently producing at 90 pct of its 5 million-tire annual capacity.
Hankook is not planning lay-offs or wage cuts. Shutting down and resuming production does not fit in the plant's technology, so the four-day working week is not suitable for the company, Mr Sang Il said.

News Monitoring