Nexen Tire held an inauguration ceremony for its subsidiary Nexen Tire Japan Inc., a joint venture with Toyota Tsusho Corp.
The ceremony took place in Tokyo, Japan, with CEO of Nexen Tire, Travis Kang, and Ichiro Kashitani, automotive division chief officer of Toyota Tsusho Corp., and other relevant parties. The two companies began discussing a synergy-driven cooperation in June 2015, which progressed into signing of the shareholders’ agreement to establish a joint venture – Nexen Tire Japan Inc.
Toyota Tsusho Corp., the trading arm of Japan’s Toyota Group, mainly exports automobiles and automotive parts, but also is actively involved in a range of businesses, including metals, chemicals and electronics. Established in 1948, Toyota Tsusho Corp. is one of the top five Japanese trading companies, earning JPY 67 billion (approximately $591 million USD) in FY 2015 with six operating divisions and more than 150 offices, in addition to 900 subsidiaries and affiliates worldwide.
With Nexen Tire holding 51 percent and Toyota Tsusho holding the remaining 49 percent of the shares, Nexen Tire Japan Inc. begins its sales of Nexen Tire’s products this month. With local management within the organization, Nexen Tire Japan will customize its business operation to strengthen its replacement tire business in the market and also reinforce OE supply to Japanese automobile manufacturers carrying on diverse marketing activities.
With the leverage of Toyota Tsusho’s brand awareness and distribution network, Nexen Tire aims to expand its business and bolster Nexen Tire’s brand awareness and boost its sales within the Japanese market.
Nexen Tire has been providing its OE to global automobile manufacturers such as Porsche, Volkswagen, Renault and Fiat Chrysler Automobiles and is actively carrying on various activities for its diverse marketing. It is closely communicating with customers through social media – such as Facebook, YouTube and blogs.
Nexen Tire also is establishing world-wide brand awareness through diverse marketing activities, including official partnerships with the United States drifting series (Formula Drift) and the English Premier League’s Manchester City Football Club, as well as sponsorship of the Czech Republic’s Premier Ice Hockey League’s BK MladaBoleslav.
