WAR
Nokian Tyres P.L.C. has agreed to sell its Russian operations to Russian energy and chemicals company P.J.S.C. Tatneft, effectively completing the Finnish tire maker's previously announced exit from Russia.
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.
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.
Nokian Tyres said it will increase capacity at its plants in the U.S. and Finland due to recent European Union sanctions imposed on Russia.
As the war in Ukraine continues, tire manufacturers across the globe respond, both from a production and humanitarian standpoint. In the latest update, Nokian Tyres and Group Michelin have announced their exit from Russia.
Bridgestone to freeze any new capital investment at the facility and halt exports of tires to Russia.