Nexen to grow US tech centre

Nexen Tire will soon start work on a larger tech centre in the USA. The Akron Beacon Journal writes that the tyre maker has outgrown its 2008-opened, current centre in Richfield, Ohio, and will break ground on a new facility nearby either before the end of 2015 or early next year.

According to the Akron Beacon Journal, centre technology director Don Lee confirms the signing of a purchase contract for the required land. Lee added that Nexen is “expecting it will take nine to 11 months to complete the building.” The new facility will, as does the current centre, develop tyres for various markets throughout the Americas. The project is expected to cost a total of US$7 million, including $4.6 million for construction of the building.

The tyre maker will, says the Akron Beacon Journal, pay “well below market costs” for the property it recently signed for. Over time the tax advantages Nexen will gain through the deal will essentially equal what the company is paying for the land, the publication adds.