Hankook Plans $800 Million Tire Plant in U.S.

South Korea's Hankook Tire Co. plans to open an $800 million plant in Tennessee that will have capacity to make 11 million passenger vehicle tires per year when it opens in 2016.

Hankook currently operates seven tire factories in China, Hungary, Indonesia and Korea with a combined annual capacity of nearly 94 million tires. The Tennessee facility, whose exact location was not announced, will be the company's first in the U.S.

Hankook supplies the aftermarket and sells original-equipment tires to BMW, Hyundai, Kia, Nissan and Toyota.