Nexen Tire Holds Inauguration Ceremony for Nexen Tire Japan Inc. -- Nexen Tire Accelerates its Global Business Network Expansion

SEOUL, South Korea, Jan. 16, 2017 /CNW/ --  Nexen Tire has held an inauguration ceremony for its subsidiary Nexen Tire Japan Inc. - a joint venture with Toyota Tsusho Corporation.

The ceremony took place in Tokyo, Japan with CEO of Nexen Tire, Travis Kang, and Ichiro Kashitani, Automotive Division Chief Officer of Toyota Tsusho Corp and other relevant parties. The two companies' discussion about synergy-deriving cooperation began in June 2015, which progressed into signing of the shareholders' agreement to establish a joint venture, Nexen Tire Japan Inc.

Toyota Tsusho Corporation, the trading arm of Japan's Toyota Group, mainly exports automobiles and automotive parts, but is also actively involved in a range of businesses including metals, chemicals and electronics. Established in 1948, Toyota Tsusho Corporation is one of the Top 5 Japanese trading companies, earning JPY 67 billion (USD 591 million) in FY 2015 with six operating divisions and over 150 offices as well as 900 subsidiaries and affiliates worldwide.

With Nexen Tire holding 51% and Toyota Tsusho holding the remaining 49% of the shares, Nexen Tire Japan Inc. begins its sales of Nexen Tire's products this month. With local management within the organization, Nexen Tire Japan will customize its business operation to strengthen its RE business in the market and also reinforce OE supply to Japanese automobile manufacturers carrying on diverse marketing activities.

With the leverage of Toyota Tsusho's brand awareness and distribution network, Nexen Tire aims to expand its business hence bolster Nexen Tire's brand awareness and boost its sales within Japanese market.

Nexen Tire has been providing its OE to global automobile manufacturers such as Porsche, Volkswagen, Renault and Fiat Chrysler Automobiles and is actively carrying on various activities for its diverse marketing. It is closely communicating with customers through social media - such as Facebook, YouTube and blogs, providing a lot of interesting and useful information. Nexen Tire is also establishing world-wide brand awareness through diverse marketing activities including official partnerships with the United States drifting series Formula Drift and the English Premier League's Manchester City Football Club, as well as sponsorship of the Czech Republic's Premier Ice Hockey League's BK MladaBoleslav.

About Nexen Tire

Nexen Tire, founded in 1942, is a leading global tire manufacturer headquartered in Yangsan, South Gyeongsang Province, and in Seoul, South Korea. Nexen Tire, one of the world's fast growing tire manufacturers, works with 491 dealers based in 141 countries around the world (as of July 2015) and owns three manufacturing plants -- two in Korea (Yangsan and Changnyeong) and one in Qingdao, China. A fourth plant in Zatec, Czech Republic is scheduled to be operational in 2018. 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. It is also maintaining positive global reviews about the brand every year by achieving a grand slam of the world's top 4 design awards in 2014 for the first time amongst the various global tire makers and winning awards such as the Special Mention of the German Design Award 2015 and the main prize of Japan's Good Design Award 2016. For more information, please visit http://www.nexentire.com.

SOURCE Nexen Tire

For further information: Seungok Choi, +82-10-4330-6647, seungok.choi@bm.com, http://www.nexentire.com


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