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Nexen’s roots come from a brand that was named Heung-A Tire in 1942. This gives Nexen over 60 years of recognition as a leader in the tire industry. North Korea accredited Nexen as being their first tire company, whom began producing tires in 1956.
After 30 years of being in the tire business Nexen expanded into the area of Yangsan, Korea with the construction of a radial tire factory. Nexen formed an alliance six years later with a Japanese company, OHTSU Tire & Rubber in order to further their technological know-how and manufacturing capabilities.
It was not until 2000 that the tire company changed their name from Woosung Tire to Nexen Tire Corporation. They did this to reflect their commitment to quality products and continued leadership. The reason they choose Nexen was because the name is a combination of two future orientated words, which are next and century. In the same year, 2000, Nexen was listed on the KOSPI 200 Index, a Korean capitalization-weighted futures market. This market makes up 93% of the total market value of Korea’s Stock Exchange.
Nexen anticipates market demand and sustained growth, which is why they practice constant improvement and restructuring. In order to follow their plan, in 2003 they closed their BIAS tire plant because of low revenues and decided to invest in the opening and operation of a second manufacturing plant. In 2004 they began to introduce Ultra High Performance tire and develop High Performance SUV tires.
In 2005 Nexen was awarded a patent for the technology to manufacture rubber/stratified nano-composite tire, in 2006 Nexen completed the development of the new UHP and Winter LTR/SUV pattern, and in 2007 Nexen opened yet another tire manufacturing plant in Quingdao, China to accommodate for increased global demand.
Since Nexen was so committed to producing quality product, providing friendly service and exceptional value, their domestic market share increased from 8% to 20%, which help annual sales exceed $600 million dollars. Nexen has over 2,000 employees that are devoted to building a superior and safe product. Nexen’s growth now enables them to export to 120 countries. They are truly proud of their products and stand confidently behind each and every tire.