An inauguration ceremony was held for the official opening of Nexen Tire Japan Inc., a subsidiary of South Korean tyre manufacturer Nexen Tire and a joint venture with Toyota Tsusho Corporation.
Discussions about synergy-deriving cooperation between Nexen Tire and Toyota Tsusho began in June 2015, which progressed into signing of the shareholders’ agreement to establish the joint venture.
With Nexen Tire holding 51% and Toyota Tsusho holding the remaining 49% of the shares, Nexen Tire Japan Inc. begins its sales of Nexen Tire’s products this month. With local management within the organisation, Nexen Tire Japan will customise its business operation to strengthen its RE business in the market and also reinforce original equipment (OE) supply to Japanese automobile manufacturers carrying on diverse marketing activities.
With the leverage of Toyota Tsusho’s brand awareness and distribution network, Nexen Tire aims to expand its business hence bolster Nexen Tire’s brand awareness and boost its sales within the Japanese market.
Nexen Tire has been providing its OE to global automobile manufacturers such as Porsche, Volkswagen, Renault and Fiat Chrysler Automobiles and is actively carrying on various activities for its diverse marketing. Nexen Tire is also establishing worldwide brand awareness through diverse marketing activities including official partnerships with the US drifting series Formula Drift and the English Premier League’s Manchester City Football Club, as well as sponsorship of the Czech Republic’s Premier Ice Hockey League’s BK Mlada Boleslav.
Toyota Tsusho Corporation, the trading arm of Japan’s Toyota Group, mainly exports automobiles and automotive parts, but is also actively involved in a range of businesses including metals, chemicals and electronics. Established in 1948, Toyota Tsusho Corporation is one of the Top 5 Japanese trading companies, earning 67 billion Yen (US$591 million) in FY 2015 with six operating divisions and over 150 offices as well as 900 subsidiaries and affiliates worldwide.