Nexen Tire opened its new European manufacturing and distributing plant in Zatec, Czech Republic today, August 28. The $1b plant is a big part of the South Korean firm’s “new wave for the future global expansion strategy”.
The plant began trial production in April this year and recently started shipping tyres to customers.
Petr Ocko, the Czech deputy minister of industry and trade, joined Nexen CEO Travis Kang and Chairman Byung-Joong Kang at the plant’s ceremonial opening .
“With the opening of the Europe Plant, Nexen Tire plans to develop, produce and distribute products customised for the European market,” Kang said, noting that the Zatec plant is one of four key investments Nexen has made of late to strengthen its global presence, including South Korea, Germany and Ohio.
“With the completion of our four global institutions, Nexen Tire will be presenting products suited for our global customers, especially in Europe,” Kang added.
The seven million square foot Zatec factory is rated at three million units of capacity at start-up and is expected to increase to 11 million by 2022.