EMCC European Monitoring Centre on Change

Nexen Tire

Company/Organisation:
Nexen Tire

Geographic Location

Country: Czech Republic
Region: Ustecky; Severozapad
Location of affected unit(s): Žatec

Company

Sector: Manufacturing
Manufacture of rubber and plastics products, and other non-metallic mineral products
22.11 - Manufacture of rubber tyres and tubes; retreading and rebuilding of rubber tyres
Number Employed: 700

Employment Effects

Announcement Date: 02-05-2019
Type of Restructuring: Business expansion
Foreseen End Date: 01-02-2023
Planned Job Creation: 684

Additional Information

The South Korean tire manufacturer Nexen Tire has launched a trial run at its factory in the Triangle industrial zone near the city of Žatec. The company currently employs around 700 people and will provide up to 1,500 jobs in the future. The company is dedicated to investing CZK 22.8 billion (€885.4 million) and creating 1,384 jobs. In addition, the use of the full state support amounting to CZK 3.6 million (€0.14 million) is conditional on the implementation of the investment plan until 2023. The factory with a production capacity of up to 31,000 tyres a day, or roughly 11 million a year, will mainly export products to Western Europe.

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