South Korean tyre manufacturer Hankook Tire Co Ltd. 161390.KS has spent $353 million to develop a factory that will have an annual production capacity of 6 million units, said CEO Sung Hwa Suh.

The firm has completed its first-phase factory in Cikarang, West Java, and is aiming to invest up to $1.1 billion through 2018 to increase output capacity to 16,000 units of car tyres per hour. (Kontan, Bisnis Indonesia)

Note: Reuters has not verified this story and does not vouch for its accuracy. ($1 = 11,445 rupiah)

(Compiled by Rin Hindryati; Editing by Jijo Jacob)

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Keywords: INDONESIA PRESS/