Abu Dhabi Firm Invests in Nexen

Nexen Tire and Mubadala Investment Co., the Abu Dhabi strategic investment fund, signed a Memorandum of Understanding to explore strategic partnership opportunities. Mubadala has made a direct investment into Nexen as part of the agreement.

Khaldoon Khalifa Al Mubarak, managing director and group CEO of Mubadala, and Travis Kang, CEO of Nexen Tire, signed the MOU in Abu Dhabi on July 19.

“This strategic partnership with Mubadala Investment Company is a significant milestone for Nexen Tire in our journey to becoming a global top 10 tire company by 2025. This collaboration will accelerate Nexen Tire’s growth in international markets,” said Kang.

“As a high performing business with significant global growth potential, Nexen Tire represents an interesting investment opportunity for Mubadala Investment Company. Our investment approach prioritizes partnership with best-in-class global organizations as a key driver of creating lasting value for our shareholder. We look forward to exploring opportunities with Nexen Tire,” said Waleed Al Mokarrab Al Muhairi, deputy group CEO and CEO of Alternative Investments and Infrastructure, Mubadala.

In addition to the equity investment, Mubadala and Nexen will explore a broader range of business initiatives, including further investment as well as wider cooperation in Nexen Tire’s overseas expansion.

McCarthy Tire Service recently opened a new in-house commercial wheel refinishing facility. According to the company, the facility has the ability to refinish over 1,000 wheels per day and technicians will utilize equipment for inspection, surface preparation, pre-treatment, and automated coating techniques at the facility.

“We're thrilled to unveil this wheel refinishing facility,” John McCarthy Jr., president of McCarthy Tire Service said. “This investment reflects our dedication to providing our customers with unparalleled efficiency and a one-stop shop for all their commercial tire and wheel needs. By streamlining the refinishing process, we can help fleets minimize downtime and maximize productivity.”