Established in 1942 under the name, Heung-A Tire Company, Nexen Tire Co. has served the industry for the past 71 years. They were recognized in 1956 as the first Korean tire company. In 1985, Nexen dedicated a facility in Yangsan, Korea, to the production of radial tires.
The company changed their name in 2000 from Woosung Tire to Nexen Tire Corporation. The name Nexen is a combination of two future-oriented words; next and century. That same year also saw Nexen Tire listed on the KOSPI 200 Index future market.
In 2005, Nexen Tire was awarded a patent for the technology to manufacture rubber/stratified silicate nano-composite tires. By 2006, they had completed development on the new UHP and Winter LTR/SUV pattern. To accommodate increased global demand for the Nexen brand, they opened yet another tire manufacturing plant in Qingdao, China in 2007. Nexen's domestic market share increased from 8% to 20%, with annual sales exceeding $600 million. Nexen employs over 2,000 employees. Nexen Tire currently exports to 120 countries.