Nexen Tire, the world's leading tire manufacturer, and Mubadala Investment Company (Mubadala), a strategic investment fund of Abu Dhabi, today signed a memorandum of understanding to find Strategic cooperation opportunities. Under the agreement, Mubadala has made direct investments in Nexans tyres.
From left to right: Walid-Amukara-Amuhali (Deputy Chief Executive Officer and Chief Executive Officer of Mubadala Investment Group), Haldun-Al-Mubarak (Mubada Laura Group CEO and Managing Director), Travis Kang (Nexans Tire CEO), Frank Chung (Nexon Tire Vice President)
Nexans tires are one of the fastest growing companies in the global automotive industry, with a compound annual growth rate of 15% over the past decade. The company sells 40 million tires annually to more than 140 countries and sells more than 4 million tires in the Middle East.
Mubadala Managing Director and Group CEO Khaldoon Khalifa Al Mubarak and Nexans Tire CEO Travis Kang signed in Abu Dhabi on July 19th The above memorandum of understanding.
Waleed Al Mokarrab Al Muhairi, deputy chief executive officer and chief investment and infrastructure division of Mubadala Group, said: "Nexans tires are a high-performance company. The huge growth potential in the world is an attractive investment opportunity for our company. Our investment strategy is to prioritize cooperation with top global companies and use this as an important driving force to create for our shareholders. Lasting value. We look forward to exploring more opportunities with Nexans tires."
Nexen Tire CEO Travis Kang said: "The strategic cooperation with Mubadala is a major milestone in the development of our company. Our goal is to become one of the top ten tire companies in the world by 2025. This cooperation will accelerate Nike. Sen tires are growing in the international market."
In addition to equity investments, Mubadala and Nexans tires will also undertake a wider range of business cooperation, including possible further investment and broader cooperation in the overseas expansion of Nexans tires. The two sides will also cooperate in other areas, such as the future automotive technology that constitutes the fourth industrial revolution.
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