Woosung changes name

YANGSAN, South Korea (Jan. 26)—Hoping to put its reputation as a "financially dishonored" company behind it, Woosung Tire Corp. is renaming itself Nexen Tire Corp. Nexen—meaning "next century"—turned the corner last year on a decade of red ink, emerging from court-ordered receivership and reporting an operating profit for the first time since 1990, according to new President and CEO Kenneth S. Rhee. The new-found financial stability—largely due to the infusion of capital from Korean inner tube maker Heung Ah—will allow Nexen to invest about $20 million this year for capital improvements and double spending on research and development, Rhee said.