HELSINKI, March 22. /TASS/. Finnish tire manufacturer Nokian Renkaat will not invest in production in Russia and plans to increase it in Finland and the US, the company’s press service reported on Tuesday.
"By continuing to operate the passenger car tire factory in Russia we want to make sure that the factory is operated and controlled by Nokian Tyres also in the future. We no longer invest into the Russian production," according to a statement on the company’s website.
"We continue to assess the situation and are prepared for rapid responses when needed," the company said.
The manufacturer also announced plans to increase the capacity of its factories in Finland and the United States as quickly as possible. According to the plan, all tires sold in Northern Europe will continue to be produced in the Finnish city of Nokia, and tires for the North American market - also in Nokia and the United States.
Nokian Renkaat manufactures tires for passenger cars at factories in Nokia and Russia's Vsevolozhsk (the plant opened in 2005). In the US, the company launched a plant in Dayton in 2020.