Nexen Tire Announces the Grand Opening of 'THE NEXEN univerCITY', Nexen Central Research Institute

-Company's central research institute to act as an R&D hub for its global centers in the U.S.,Europe,China

-Completed four major facilities including R&D centers in Europe and the U.S. as well as the plant in the Czech Republic

SEOUL,South Korea,April 30,2019 --Nexen Tire,a leading global tire manufacturer,announced that it held the grand opening ceremony of 'THE NEXEN univerCITY' that is expected to be the driving force for future growth on Tuesday April 30,2019.

Panoramic view and Courtyard view of 'THE NEXEN univerCITY' (Source (C)L2 ARCHIVE)

The grand opening ceremony was attended by more than 300 people,including Nexen Tire Chairman Kang Byeong Jung,Nexen Tire Global CEO Travis Kang,the Chairman of Korea Employers Federation Sohn Kyung Shik,the Chairman of Federation of Middle Market Enterprise of Korea Kang Ho Gab,executives and staff members of Nexen Central Research Institute.

Located at the Magok Industrial Complex in Seoul,Nexen Tire invested KRW 200 billion over two years to develop 'THE NEXEN univerCITY'-- a building over 57,000 square-meters with eight floors above and two floors underground-- that includes research and business complexes.

The workspace has been designed as an open innovation environment to maximize concentration and teamwork. To help pave the way for smarter technology,various facilities include a research and development (R&D) center that can predict and implement optimal performances such as OE/RE product manufacturing,AI technology and virtual tire technique,a performance research center to evaluate the performance of tires and vehicles,and a material research center to analyze diverse nano and macro dimensions on various materials.

With the establishment of these facilities,Nexen Tire plans to advance its R&D capabilities by responding quickly to the rapidly changing market as well as the particular demands of the local and global automotive industry. Furthermore,the Magok Central Research Institute will act as an R&D hub for its local and global R&D centers that are located in Yangsan,Changnyeong,Germany,the Czech Republic,U.S.,and China.

'THE NEXEN univerCITY' combined the concept of 'Nexen Universe' and 'City' that contains the company's core values-- Challenge,Creativity,and Collaboration-- and its business philosophy that displays the infinite possibilities and values that Nexen can accomplish.

The courtyard and multi-helix green roof is the key space in 'THE NEXEN univerCITY' containing Nexen Tire's corporate culture that focuses on communication and cooperation.

In addition,the exterior of the facility is materialized with tire tread patterns that defines the industry's attributes. At the lobby,an amazing media wall that is 30 meters wide and 7 meters high,is displayed through a video that represents the creative and artistic concept of 'THE NEXEN univerCITY'. The environment friendly building was designed with a solar power system,a cooling and heating ventilation ground system,and a green rooftop to prevent thermal heat damage that obtained a level 1 building energy efficiency rating certificate from the Korea Energy Agency.

"The Magok Central Research Institute really defines Nexen Tire's growth DNA and its identity that has advanced quickly than any other company in the world," said Travis Kang,Global CEO of Nexen Tire. "We will carry out a pivotal and global role that will raise the value of the movement,shifting the paradigm in the tire industry by creating new changes and future values that no one has seen before."

Meanwhile,as this year marks the 77th anniversary of the founding of the Nexen Tire,the company has dedicated the new Magok Central Research Institute and completed the establishment of four global facilities. Since the new expansion of the R&D centers in Europe and the U.S. including the operation of the plant in the Czech Republic and the opening of the Magok Central Research Institute in Seoul,Nexen Tire has established infrastructure for the future growth of 'Global Nexen'.

About Nexen Tire

Nexen Tire,established in 1942,is a global tire manufacturer headquartered in Yangsan,South Gyeongsang Province,and in Seoul,South Korea. Nexen Tire,one of the world's fastest growing tire manufacturers,works with 491 dealers based in 141 countries around the world (as of July 2015) and owns three manufacturing plants-- two in Korea (Yangsan and Changnyeong) and one in Qingdao,China. Another plant in Zatec,Czech Republic will be operational by 2019. Nexen Tire produces tires for passenger cars,SUVs,and light trucks with advanced technology and excellence in design. The company also focuses on producing UHP tires,which are based on advanced technologies. Nexen Tire supplies OE tires to global car makers in various countries around the world. In 2014,the company achieved a grand slam of the world's top 4 design awards for the first time amongst the various tire makers in the world. For more information,please visithttp://www.nexentire.com.

Photo - https://photos.prnasia.com/prnh/20190430/2451146-1