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10 October 2022
30 Mar 2023
Tire maker has "finished the registration formalities" thereby ending all of its operations in the country
Nokia, Finland – Nokian Tyres plc has completed the sale of its Russian tire production operations to local energy major PJSC Tatneft, five months after announcing the deal.
In a stock exchange release 30 March, the Finnish tire maker said it had "finished the registration formalities" in Russia and ended all its operations there.
Earlier in the month, the manufacturer confirmed having received a sale price of €285 million from Tatneft for its operations in Russia.
The 'total permissible transaction price' defined by the Russian governmental commission was RUB23,050 million, with the exchange rate determined by the Russian Central Bank on the day.
The exit from Russia, prompted by the Ukraine war and the ensuing sanctions on Moscow, is part of Nokian’s new strategy for growth, which also involves the construction of a greenfield plant in Romania.
Nokian Tyres had been operating in Russia since 2005.
In 2021, 80% of the tire maker’s passenger car tires were produced in Vsevolozhsk, Russia and the Russia-Asia business area represented 20% of the company’s net sales.
Nokian valued its assets in Russia and Belarus at around €590 million at the end of the third quarter of 2022.
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