NOKIA, Finland — Nokian Tyres P.L.C. has acquired a 290,500-sq.-ft. industrial property located adjacent to its headquarters tire plant in Nokia, with the aim of supporting future growth.
Combined with the acquisition of seven-plus acres of land in June in the "immediate vicinity" of its headquarters site, this latest deal will allow Nokian to "secure future development opportunities at the Nokia factory."
According to Manu Salmi, executive vice president, heavy tires, and head of the Nokia factory, a use for the newest property has yet to be decided.
"However, larger spaces allow us more flexibility and opportunities to plan future operations and growth in Nokia", he stated. The acquisition expands Nokian's property holding at the factory site to over 1.6 million square feet.
Nokian produces passenger, light truck, heavy truck and large forestry tires at the 118-year-old factory in Nokian, a city of 34,000 residents located roughly 120 miles north of Helsinski.
The company is in the process of expanding heavy commercial tire capacity at the Nokia factory in an $80 million-plus, multi-year project designed to raise annual capacity 60% to 70 million pounds.
The Heavy Tyres business, which includes heavy-duty truck, farm, foresty and industrial tires, represents roughly 15% of Nokian's annual sales.
Nokian also evaluating plans to build a second factory in Europe to replace the capacity at its 16-year-old plant in Russia, which it decided earlier this year to divest in light of Russia's invasion of Ukraine.
