Nexen Tire to build plant in Czech Republic
South Korean tyre maker Nexen Tire will build a production facility in Czech Republic to make direct forays into the European market, reports KOREA IT TIMES. At the end of March, it was reported that Nexen had planned to set up two or three tyre manufacturing facilities in European countries including the Czech Republic.
The South Korean tyre maker will invest 400 billion won in the plant, which will have an annual production capacity of 6 million units by 2017.
With this plant, the company would target to supply original equipment tyres to European carmakers such as Volkswagen and Fiat.
According to the report, a senior official of Nexen confirmed the company news and said that Nexen Tire chairman Kang Byung-Joong will visit the country next month to sign an agreement with the Czech government.
Nexen will have a new plant in Nosovice in the eastern hinterland of the Czech Republic, where Hyundai Motor runs its own assembly plant.