April 24, 2024

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[THE INVESTOR] Nexen Tire, South Korea’s third largest tire maker, on Dec. 5 said it has partnered with Pirelli Brazil, the Brazilian unit of the global tire maker, to tap into the fast-growing auto market of the country. 

Claudio Passerini (left), chief operating officer of Pirelli’s Latin American region, and Oh Jae-kyung, director of overseas sales at Nexen Tire, pose after signing a memorandum of understanding. Nexen Tire

A memorandum of understanding was signed at Pirelli Brazil’s headquarters in San Paulo, with Oh Jae-kyung, director of overseas sales at Nexen Tire, in the prersence of Claudio Passerini, chief operating officer of Pirelli’s Latin America region.

Under the deal, Nexen will begin selling all its products, which include tires for SUV, sedan and van, in the country through Pirelli Brazil’s more than 2,000 outlets across the country.

“The tie-up will be an opportunity to spread Nexen’s quality and technology in the Brazilian market,” Nexen Tire said in a statement.

Following the Brazilian entry, Nexen plans to enter into more countries in the region and expand globally.

By Ahn Sung-mi (sahn@heraldcorp.com)