Indian tyre maker Apollo has been in the business since 1976 and was founded by Matthew T Marattukalam. They established their very first plant in Perambra, Kerala, and their current headquarters are at Gurgaon, Haryana.
Apollo Tyres is currently focusing on their global expansion and have already set up four international facilities. They have two in Zimbabwe and one each in South Africa and Netherlands. They plan to grow their presence in European markets and will commence work at their new facility in Hungary.
The tyre manufacturer has invested in excess of 475 million Euro for their new facility in Hungary. This new tyre facility will be operational from 2017. It will take care of tyre needs for Europe and is expected to aid Apollo Netherlands facility.
The Apollo Hungary facility will be equipped to manufacture over 5.5 million tyres for light trucks and passenger vehicles. They will also produce heavy commercial vehicle tyre, the facility will be capable of producing 6,75,00 tyres a year.
The construction of Apollo's Hungary facility is set to commence by mid 2015, however, manufacture of tyres will be pushed back to 2017. The reason for introducing this new facility is to establish itself in European markets.
Apollo tyres was supposed to buy American based Cooper tyre, however, that plan did not materialise. They have thus gone ahead and have opted to build their own facility in Hungary. Currently the Indian based tyre maker produces roughly 1,700 tonnes of tyres, from all its facilities.