Originally established in 1942 as Heung-A Tire, Nexen Tire has over 60 years of tradition as a respected leader in the tire industry. Acknowledged as Korea’s first tire company, we first began car tire production in 1956.
Over 30 years later, in 1985, the company was expanded through the construction of a radial tire factory in Yangsan, Korea. Through an alliance six years later with a Japanese company, OHTSU Tire & Rubber, we furthered our technological know-how and manufacturing capabilities.
In an effort to reflect our dedication to quality and continued leadership, we changed the company name in 2000 from Woosung Tire to Nexen Tire Corporation. The name Nexen is a combination of two future-oriented words; next and century. That same year also saw Nexen Tire listed on the KOSPI 200 Index future market.
Nexen Tire practices constant improvement and restructuring to sustain growth and anticipate market demand. For example, we closed our BIAS tire plant in 2003 due to low revenues and invested instead in the opening and operation of a second manufacturing plant. By 2004, we were introducing Ultra High Performance tires and developing High Performance SUV tires.
In 2005, Nexen Tire was awarded a patent for the technology to manufacture rubber/stratified silicate nano-composite tires. By 2006, we had completed development on the new UHP and Winter LTR/SUV pattern. To accommodate increased global demand for the Nexen brand, we opened yet another tire manufacturing plant in Qingdao, China in 2007.
Due to our commitment to quality products, friendly service and exceptional value, Nexen’s domestic market share has increased from 8% to 20%, with annual sales now exceeding $600 million dollars. We employ over 2,000 employees, each dedicated to building a superior and safe product. Nexen Tire currently exports to 120 countries. We are truly proud of our products and stand confidently behind each and every tire.