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Nexen signs contract to set up plant in Czech Republic

South Korean tyre company Nexen Tire on June 26 signed a $1.17 billion contract to build a tyre manufacturing plant in the Czech Republic.
Construction work at the plant, which will be built on 65, 000 sq mt in the north-western part of the country, will start once the contract is approved by the European commission.
The Czech Republic plant will supply tyres to OEMs- Kia Motors, Volkswagen AG, Skoda Auto.
The plant is expected to have an annual capacity of 12 million tyres by 2018. Currently, Nexen is selling around 8 million tyres in Europe every year.

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