Nexen Tire will officially open its Europe plant in Zatec, Czech Republic on 28 August.
Located within the Triangle Strategic Industrial Zone in Zatec, the plant is 650,000 square metres in size. The company spent approximately US$1bn on the facility, creating a technologically integrated manufacturing centre that can immediately apply the technology of its global R&D centres.
Go deeper with GlobalData
The plant has been operating since the end of April 2019 and celebrated the shipment of first batch of tyres.
Nexen Tire has now finalised its four major global R&D and production networks: The Nexen univercity, Central Research Institute in Seoul, Korea; the Europe R&D Centre; the North America R&D Centre; and the Europe plant in Zatec.
The production capacity of the Europe plant is 3m in 2019 and is expected to increase to 11m 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, said: "With the opening of the Europe Plant, Nexen Tire plans to develop, produce and distribute products customiSed for the European market."
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
