Plant Upgrades, Management Change Ready Nexen for Next Level
Back in 2010 Nexen Tire Corp. announced plans for a one trillion won ($1.2 billion) investment in its largest factory yet in Changneyeong in the same region as its first plant (Yangsan), which along with the company’s second plant in Qingdao, China, continues to expand. Just before the start of the Chinese New Year, Tyres
Nexen Increases Prices in U.S., Europe
In addition to price rises in the U.S., as of Jan. 1 Nexen has increased tire prices in Europe. According to Nexen Tire Europe, prices for all product segments, including passenger car, 4×4 and light commercial vehicles, have gone up by at least 9%. The company says it was compelled to take this inevitable measure
Nexen Joins Latest Round of Price Hikes
Nexen Tire America will increase prices across all lines up to 8%. The tiremaker said the increase, which is due to the rising cost of raw materials, applies immediately to all factory-direct container orders submitted for January production or thereafter. The price increase will apply to all warehouse orders effective Jan. 1.
Siouxland Tire Dealer Named North America’s Best
Tires, Tires, Tires (Tires3), with three retail locations in Sioux Falls, S.D., and Sioux City, Iowa, has been named winner of the 2010 Tire Review Top Shop Award. Now in its fourth year, the Tire Review Top Shop Awards, presented by Ammco/Coats, seeks to honor the “best of the best” independent tire dealers in the
2010 Top Shop Winner: Tires, Tires, Tires
If it all ended tomorrow, Dan and Dale Nothdurft would be just fine. More than OK. But if Tires, Tires, Tires ended tomorrow, the entire Siouxland region would be all the poorer. Not because there aren’t other places to get tires and vehicle service, but because of whatTires3 (as they call themselves) means to the
Korea Tiremaker Results Expected to be Lackluster
When Hankook Tire Corp. kicks off the second quarter earnings season on July 20, it will set the tone for a “lackluster” set of results from the Hankook, Kumho and Nexen, according to Deutsche Bank. In an investor’s note dated July 1, Deutsche Bank research analyst Sanjeev Rana said: “We expect tiremakers such as Hankook
New Nexen South Korea Plant Under Way
Construction work on Nexen’s newest passenger and light commercial vehicle tire factory in South Korea’s Gyeongnam Province has begun following its groundbreaking ceremony on June 24. The 500,000-square-meter Changnyeong facility is being built with a 1.2 trillion won investment, and Nexen anticipates its output will boost the company’s South Korea and China total to 60
Tire Misinformation From the InterWebs
Ever wonder why consumers seem so confused about tires? Well, besides the mangled messages they get from friends, family and even tire dealers themselves (real life statement: “You should try these Nexen tires. They’re made by Michelin, you know.”), we can thank the power of the InterWebs. Rather, we can thank the InterWebs for giving
Nexen, Kumho, Pirelli Increase Prices
Nexen Tire America Inc., Pirelli Tire North America and Kumho Tire USA are the latest in a string of tire companies that announced they will increase prices in coming months. Effective June 1, Nexen will apply an 8% price increase on all warehouse orders and June factory direct container production. The increase will apply to
Nexen’s Q1 Earnings Jump 43%
Nexen Tire Corp.’s first quarter earnings jumped 43% from a year earlier on the back of increased prices. Net profit reached 25 billion won (US$22.4 million) in the January-March period, compared with a profit of 17 billion won a year earlier, the company said in a regulatory filing. Sales increased 8.6% to 249 billion won