Much has changed at Nexen Tire of late, a phenomenon particularly noticeable within the South Korean tyre maker’s European operation. In the past two years, the company has set up a new production facility in the Czech Republic and a European headquarters in Germany as part of its ‘Global Nexen’ strategy. This expansion is occurring parallel to similar growth in Korea and the USA.
Nexen Tire has officially confirmed that it is building a new plant in Zatec, Czech Republic with the stated aims of developing its European foothold and expanding its global production base. The company also confirmed that the project will cost 1.2 trillion Korean won, approximately 829 million euros, bringing some clarity to reports that have also suggested a US$1.17 billion pricetag.