Nexen Tire Corporation is a tire manufacturer headquartered in Yangsan, South Gyeongsang Province and Seoul in South Korea. It was established in 1942 under the name Heung-A 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. 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 demand, the company opened a manufacturing plant in Qingdao, China in 2007. Nexen's domestic market share increased from 8% to 20%, with annual sales exceeding $600 million. The company employs over 2,000 and currently exports to 120 countries. Its major Korean competitors are Hankook and Kumho. The company's name, a portmanteau of next and century is reflected in its marketing tagline, "Next Century Tire." Wikipedia