Nokian Tires is looking for buyers for its plant in the Leningrad region

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Nokian Tires is looking for buyers for its plant in the Leningrad region
Nokian Tires is looking for buyers for its plant in the Leningrad region
29 August, 09:27Society
The Finnish tire manufacturer Nokian Tires has started looking for buyers for its plant in Vsevolzhsk in the Leningrad Region, which has an annual capacity of 16 million tires (60% was imported).

According to Kommersant, the company is collecting binding offers for the purchase of the enterprise until autumn.

Nokian is leaving the country due to EU sanctions, Andrey Pantyukhov, head of the concern in the Russian Federation, said. According to him, the restrictions made further work as part of the concern in the country impossible. He added that already now there are several contenders for the purchase of the plant. These are, among other things, structures associated with Tatneft.

Recall that Tatneft previously produced tires under the Kama Tires brand, but because of anti-Russian sanctions, it sold the business to Tatneftekhiminvest-holding (49% from Tatarstan, other shareholders are unknown). The assets of AEON Corporation include regional airports, river transport enterprises, nitrogen fertilizer manufacturer SDS-Azot.

The fact that Nokian Tires will leave Russia became known in June. The firm has promised that the withdrawal from the Russian market will be "controlled" - at the same time it will increase capacity in the United States and Finland. Note that the business in the Russian Federation is the largest asset of the manufacturer.

According to the results of the second quarter of this year, the company is facing losses of 300 million euros in case of depreciation of Russian assets. As of May 31, the value of assets in the Russian Federation and Belarus amounted to about 400 million euros. Nokian has been operating in the country since 2005. About 80% of its tires were produced in Russia.

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