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Nokian Tyres ceases all business activity in Russia after selling business to Tatneft

It is noted that Nokian Tyres has been operating in Russia since 2005

STOCKHOLM, March 30. /TASS/. Nokian Tyres has announced the complete cessation of its business activities in Russia following the completion of a deal to sell the Russian part of its tire business to Tatneft, the company said on Thursday.

"Nokian Tyres plc has completed the sale of its operations in Russia to PJSC Tatneft after finishing the registration formalities in Russia. Nokian Tyres has now ended all its operations in Russia," the company said.

Nokian Tyres has been operating in Russia since 2005. In 2021, around 80% of the company's passenger car tires were produced in Russia, and the Russia and Asia business line accounted for about 20% of Nokian Tyres’ net sales.

At the end of June 2022, Nokian Tyres decided to leave the Russian market. Later, the company managed to reach an agreement on the sale of all its Russian assets to Tatneft, including a plant in Vsevolozhsk (Leningrad region) with a capacity of 16 mln tires per year. The deal reached 285 mln euro.

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