"The factory is above all a strategic decision to continue and enable Nokian Tyres' growth path," said Nokian Chairman Petteri Walldén.
"The total sales of tires is estimated to grow in coming years. With this investment, we will get the needed capacity for growth. And while the Dayton factory clearly enables us to serve our North American customers better and more efficiently, it also improves our production capabilities and customer service throughout our global operations,"
Nokian has been evaluating its options for a third factory since 2013 and first floated the idea of building in the U.S. in early 2016."
This is a significant announcement for both the state of Tennessee as well as the city of Dayton," said Tennessee Gov. Bill Haslam. "It showcases how our state's ideal location and strong workforce creates an environment where companies like Nokian Tyres will thrive and succeed."
Mr. Haslam pointed to the recent passage of the IMPROVE Act as critical to attracting Nokian to Tennessee. Passed by the Tennessee General Assembly in April, the IMPROVE Act provides manufacturing companies the option to use a single weighted sales factor, which will make Tennessee more competitive when recruiting new manufacturing companies and jobs.
Rhea (County) Economic & Tourism Council Executive Director Dennis Tumlin said this investment is the single largest initial job announcement by a private company in Rhea County history.
He also credited the county's work with the Greater Chattanooga Economic Partnership for helping bring the project to realization.