SEOUL, South Korea—Nexen Tire Corp. has secured funding valued at $322 million that it will put toward expanding production capacity at its four-year-old plant in Zatec, Czech Republic.
The South Korean tire maker said it intends to double the plant's annual capacity to over 12 million tires by year-end 2024, according to filings with the Korean Stock Exchange.
The project also will include expanding warehouse storage capacity at the plant by 220,000 units, bringing the capacity to 486,000 units.
Operational since 2019, the Zatec plant is capable of manufacturing around 6 million car tires per year.
