Russia war in Ukraine
Continental and Michelin continue to work toward exiting the Russian market nearly nine months after announcing their decisions to dispose of their operations in the country in the aftermath of Russia's invasion of Ukraine.
Of the seven non-Russian tire companies with manufacturing operations in Russia, all have cut back sharply their business activities there, and two have declared they are cutting ties completely.
Yokohama Rubber Co. Ltd. has resumed production at its tire plant in its tire operations in Russia following a halt in production since March.
It's been nearly six months since Russia invaded Ukraine, and Moscow-based Sibur Holdings, a top five global supplier of synthetic rubber, said the war hasn't had a major impact on its elastomers operations to this point.
Group Michelin has become the second tire maker to announce it would end tire production in Russia as a result of the war in Ukraine.
Nokian's board of directors has approved a 'controlled exit"'from Russia, explaining that the country's ongoing war in Ukraine and subsequent sanctions make it 'no longer feasible nor sustainable' to continue operating there.
Faced with international sanctions on products manufactured in Russia, Pirelli is planning to use factories in Romania and Turkey to produce tires for European markets that it previously sourced from plants in Russia.
Titan International has halted investment in its Russian operations, due to the ongoing war in Ukraine and global sanctions on Moscow.
Continental A.G. has temporarily restarted production at its passenger tire plant in Kulaga, Russia, in an effort to keep local workers safe.
Aftermarket shipments of most tire types throughout Europe were up comfortably in the first quarter, but the pace of growth slowed in March due to uncertainties arising from the Russia - Ukraine war.