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Apollo to Build in Hungary, Eyes Europe and N.A. Markets

Apollo officials said they have been evaluating various options for a European manufacturing hub to service the European and North American markets.

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Apollo Chairman Onkar Kanwar and Hungary Prime Minister Ferenc Gyurcsany agreed to the deal to set up a plant in that country.

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The tiremaker said the likely site for the 200 euro plant is in Gyongyos, near Budapest, and is looking to acquire 50 hectares of land there.

The plant, according to Apollo officials, will have an initial capacity of 7 million tires per year, with the first phase construction slated to start this year and be completed within 18 months.

Earlier this week, Apollo announced that it would build a new tire plant in the Oragadam Industrial Park, outside Chennai, India, which will also be completed within 18 months. (Tire Review/Akron)

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