25 Sep 2006
Qingdao, China -- Nexen Tire Corp. has opened a branch office in China to spur its penetration of the Chinese market, the company said.
The office in Shanghai follows the ground-breaking in May of Nexen´s tyre plant in Qingdao.
The plant is expected to begin production late in 2007 or early in 2008.
Nexen said it had budgeted about $80 million (€62.6 million) for the plant.
When the Chinese plant comes into operation, Nexen´s main plant in South Korea will concentrate on producing high-end products while the Chinese plant will focus on the domestic market as well as exports to North America and Europe.
The company also plans to establish a research and development centre.
From Rubber & Plastics News (A Crain publication)
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