The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Manufacturing Manufacture Of Rubber And Plastic Products And Other Non-Metallic Mineral Products Manufacture Of Rubber And Plastic Products 22.11 - Manufacture of rubber tyres and tubes; retreading and rebuilding of rubber tyres
1,500 jobs Number of planned job creations
Announcement Date
16 January 2008
Employment effect (start)
1 February 2008
Foreseen end date
31 December 2010
Description
Apollo Tyres, India's largest tyre manufacturer, is to create 1500 new jobs by developing a new plant in Gyöngyös, Northern Hungary, near Budapest. So far the plant is the biggest investment by an Indian firm in Hungary, which will reach €200 million in the next 18 months. It is expected that 900 jobs will be created in the first phase and another 600 people will be employed in the second phase in 2010. Primarily unskilled workers will be employed. Production would be in the scale of seven million tyres per year and would serve primarily European and North American markets. The Hungarian governement offered subsidies in the amount of HUF 7 billion (€27.43 million) for the investment.
Eurofound (2008), Apollo Tyres, Business expansion in Hungary, factsheet number 66258, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/66258.
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