Hungary Receives Approval For Apollo Plant Funds - Tire Review Magazine

Hungary Receives Approval For Apollo Plant Funds

apolloplantApollo Tyres is one step closer to choosing a location for its new European tire plant. The European Commission recently approved a proposal to give Apollo Tyres (Hungary) Kft. €95.7 million (approximately $123.4 million) for the construction of a tire plant in Gyöngyöshalász, Hungary.

The tire company, which announced its decision to build an Eastern European facility in May, has not officially confirmed the site as its choice for the greenfield plant.

According to the EC, the project is expected to create more than 975 new jobs in the region, an area with high unemployment and a GDP well below EU averages, making the area eligible for regional aid under Article 107(3)(a) of the Treaty on the functioning of the European Union (TFEU).

The EC approved Hungary plans to support the construction of the new tire plant with a direct grant of €48.2 million (approximately $62.11 million), an employment grant of €2.8 million (approximately $3.61 million) and tax allowances of around €44.7 million (approximately $57.6 million).

The plant is expected to be the first of its kind for Apollo outside of India, and will be commissioned sometime between 2017-18. It will produce both passenger and truck tires. Apollo was also considering Slovakia as a site for the greenfield plant.

You May Also Like

Yokohama Rubber reveals 2024 motorsports activity plan

Yokohama said participation in motorsports activities is crucial to its efforts to strengthen the Advan and GeoLandar brands.

Yokohama-Nitrocross

Yokohama Rubber revealed its motorsports activity plan for 2024. The company said participation in motorsports activities is crucial to its efforts to strengthen the Advan and GeoLandar brands and is again participating in a wide variety of motorsports events around the globe, from top-category to grassroots events.

Yokohama Rubber will again supply its Advan tires to many teams participating in motorsports events, such as Japan’s Super GT, the Nürburgring 24-Hour Race and the Pikes Peak International Hill Climb. Yokohama Rubber’s GeoLandar tires will be supplied to teams participating in off-road races in North America and Asia, including the Baja 1000, King of the Hammers, the Mint 400 and the Asia Cross Country Rally.

TIA’s Advanced Farm Tire Service training to take place in June

The training class for technicians in the agricultural and farm tire industries is set to take place June 11-14.

TIA_training-
Maxxis-sponsored athletes make podium, overall top 10 at Mint 400

Maxxis athletes Michael McFayden, Ethan Ebert and Trey Gibbs had podium finishes at the Mint 400 on Maxxis RAZR XT tires.

2024-mint400-maxxis
Sun Auto Tire reveals winner of Ford Bronco Sport giveaway

Lowell Anderson entered the giveaway at his local Sun Auto Tire & Service store while receiving a routine oil change.

Sun-Auto-Bronco-giveaway
Nokian Tyres holds bracket challenge on worst roads in North America

In 2023, the tiremaker’s audience voted Quebec as the province or state with the worst road conditions on the continent.

Pothole-Protection-from-Nokian-Tyres

Other Posts

Gallery: 2024 Big O Tires conference and convention

Highlights from this year’s Big O Tires conference and convention, featuring a general session, trade show and breakout sessions.

Gary-Skidmore
Bridgestone’s Firestone Liberia rubber farm receives ISCC Plus recognition

According to Bridgestone, its Liberia facility earned the ISCC Plus certification for its efforts in reducing environmental impacts.

Firestone_Liberia
Ascenso Tires adds new OEM sales manager

Douglas Duesing has more than ten years of experience working in agriculture, construction and mining OEMs.

Ascenso-Douglas-Duesing-1400
Nexen Tire Motorsports drivers earn top placements at King of the Hammers

Nexen Tire Motorsports partnered with drivers across a variety of racing series both on- and off-road, including King of the Hammers.

Nexen-KOH