Finnish tire manufacturer Nokian Tires will stop the plant in Russia
00:36, Wednesday, 29 June, 2022
The Board of Directors of Nokian Tires decided to leave the Russian market and stop the largest enterprise in Vsevolozhsk. It produces 80% of all products of the company. Nokian Tires leaves the Russian market. The Finnish tire manufacturer will stop selling its products in the Russian Federation, and will also close a large enterprise in Vsevolozhsk.
The decision on a “controlled exit” from the Russian market was made by the company’s board of directors. Work during the war in Ukraine and under sanctions was recognized as inappropriate.
The plant in Vsevolozhsk produced 80% of all Nokian Tires tires.
“In recent months, we have witnessed shocking events in Ukraine. We are following the situation with great sadness and, together with the entire international community, unreservedly condemn the war, which caused untold suffering to many,” said Jukka Moisio, CEO of Nokian Tires.
It was decided to completely overhaul the strategy of Nokian Tires and abandon the presence in Russia. It is noted that in the second quarter of this year, the assets of Nokian Tires in the Russian Federation depreciated from 700 to 400 million euros.