South Korea’s Hankook Tire investing $1.6 bln in Tennessee plant

Hankook Tire America Corp. said Monday it OK’d a $1.6 billion investment to increase capacity at its plant in Clarksville, Tenn. The money will pay for its already-announced Phase 2 expansion plus a new Phase 3 investment for the company’s first truck, bus and radial tires. Including the estimated 400 jobs for Phase 3, the investment is expected to create 1,200 jobs. Sooil Lee, CEO of Hankook Tire & Technology 161390, -1.48% and president of Hankook Tire America Corp., said the investment demonstrates Hankook’s growing presence in the U.S.