Nexen Tire to build 2nd plant in S. Korea

CHANGWON, South Korea, Sept. 28 (Yonhap) -- Nexen Tire Corp., South Korea's
third-largest tiremaker, said Monday it plans to build its second factory in the
country to cope with rising demand.

Nexen plans to spend one trillion won (US$838.2 million) to build the plant over
the next eight years in the county of Changnyeong, about 390km southeast of
Seoul, the company said in a statement.
Nexen also said it aims to begin construction from November next year and start
production at the new plant from May 2012, according to the statement. The new
plant will hire about 2,000 people, it said.
"We decide to built the second plant in Changnyeong to reduce logistics costs and
the proximity to nearby industrial complexes," said Kang Byeong-joong, chairman
of Nexen, in the statement.
Nexen didn't disclose the production capacity of the planned second plant, but it
will generate two trillion won in sales if completed, the statement said.
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