Apollo Tyres will establish a new production plant in an underemployed portion of northern Hungary in an investment that’s to receive support from the government. The new €442m factory is expected to result in 975 new jobs in Gyongyoshalasz and will receive €48m in state support that was recently approved by the European Commission. Along with financial support for the construction, Hungary will also provide €44.7m in tax write-offs and nearly €3m in employment grants. The Indian-based tire giant revealed over the summer that it would be making a major greenfield investment in the CEE region, saying it would aim for a production capacity of more than 12 million tires annually for commercial and personal vehicles.
