Nexen Tire has won the US$900 Million Export Tower Prize from the Ministry of Trade, Industry and Energy, the company announced on Dec. 20.
"We were awarded the prize at the 55th Trade Day ceremony held on Dec. 7," a company official said. "We could attain US$900 million in exports as sales of premium products such as ultra-high performance tires (UHPT) increased. We also enhanced global brand recognition through various marketing activities."
Nexen Tire picked up the US$100 Million Export Tower Prize in 1995, the US$200 Million Tower Prize in 2005, the US$ 300 Million Export in 2006, the US$400 Million Export Tower Prize in 2007, the US$500 Million Export Tower Prize in 2010, the US$700 Million Tower Prize in 2012 and the US$800 Million Tower Prize in 2016 and took home the US$900 Million Export Tower Prize this year, showing steady export growth.
Nexen Tire has enjoyed sales growth in major markets such as the U.S. and Europe while sharpening product competitiveness thanks to continued R&D investment despite the global economic downturn, the shrinking of the automobile market and fiercer competition among tire manufacturers. At the same time, the company has stepped up its efforts to ramp up exports while employing various marketing strategies by regions.
Nexen Tires currently exports tires to about 150 countries through approximately 500 dealers, spurring its global market penetration.
In the meantime, Nexen Tire integrated and transferred its R&D center and sales division in Germany in September and plans to continue to boost its sales by strengthening its global competitiveness by building a larger new R&D center in the US and operating a factory in the Czech Republic in the future.