Nexen Tire to Hold Opening Ceremony for its New Europe Plant in Czech Republic

- To celebrate the opening of this new, high-end facility, Petr Ocko, the Czech Deputy Minister of Industry and Trade, Travis Kang, the Global CEO and Byung-Joong Kang, the Chairman of Nexen Tire will visit Zatec to attend the ceremony on August 28. Under the slogan 'The New Wave for the Future', the opening ceremony will commemorate the next stage of Nexen Tire's global era and celebrate the strengthening of the Czech-Korean business partnership. Located within the Triangle Strategic Industrial Zone in Zatec, the Nexen Tire Europe plant is 650,000 square meters in size. The company invested approximately one billion dollars on the facility, creating a technologically integrated manufacturing center that can immediately apply the cutting-edge technologies of its global R&D centers. The plant has been operating since the end of April 2019 and celebrated the shipment of first party of tires. Nexen Tire has now finalized its four major global R&D and production networks: THE NEXEN univerCITY, Central Research Institute in Seoul, Korea; the Europe R&D Center; the North America R&D Center; and the Europe plant in Zatec. The production capacity of the Europe plant is 3 million in 2019 and is expected to increase to 11 million by 2022. Through the expansion of its production capacity, Nexen Tire plans to strengthen its global presence, further establishing itself in the European market. Travis Kang, the Global CEO of Nexen Tire, stated, "With the opening of the Europe Plant, Nexen Tire plans to develop, produce and distribute products customized for the European market," adding "With the completion of our four global institutions, Nexen Tire will be presenting products for suited for our global customers, especially in Europe." About Nexen Tire Nexen Tire, established in 1942, is a global tire manufacturer headquartered in South Korea. Nexen Tire, one of the world's fastest growing tire manufacturers, works with more than 500 dealers based in 137 countries around the world (as of May 2019) and owns four manufacturing plants - two in Korea (Yangsan and Changnyeong) and one in Qingdao, China. Another plant in Žatec, Czech Republic has also begun operation in 2019. Nexen Tire produces tires for passenger cars, SUVs, and light trucks with advanced technology and excellence in design. The company also focuses on producing UHP tires, which are based on advanced technologies. Nexen Tire supplies OE tires to global car makers in various countries around the world. In 2014, the company achieved a grand slam of the world's top 4 design awards for the first time amongst the various tire makers in the world. For more information, please visit http://www.nexentire.com. Photo - https://mma.prnewswire.com/media/956291/Nexen_Tire_opening_ceremony_Czech_Republic.jpg