Nexen Tire recently hosted an inauguration ceremony for the creation of its joint venture with Toyota Tsusho Corp. – Nexen Tire Japan Inc. – as the subsidiary prepares to sell tires in Japan this month.
The joint venture was created to help Nexen establish tire sales in Japan and also reinforce its original equipment supply to Japanese carmakers, Nexen said.
Nexen and Toyota Tsusho, the trading arm of Japan’s Toyota group, started discussing cooperation in June 2015, which evolved into a joint venture with Nexen holding 51% and Toyota Tsusho holding 49% of the shares.
The tiremaker said it plans to leverage Toyota Tsusho’s brand awareness and distribution network to expand its business and brand awareness in the Japanese market.
