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Finnish firm Nokian Tires sells Russian operations during the Ukraine war



Nokian’s tire factory in Vsevolozhsk, a suburb of St.Petersburg, Russia. (AP)

HELSINKI – Nokian Tires has signed an agreement to sell its Russian operations to Russian oil producer Tatneft PJSC for 400 million euros ($398.7 million), the Finnish company said on Friday.

At the end of June, Nokian Tires said it would begin a controlled withdrawal from the Russian market due to Russia’s war in Ukraine.

The company, which used to produce 80% of passenger tires in Russia, has been operating in the country since 2005.

“The transaction is subject to approval by the relevant regulatory authorities in Russia and other conditions, which creates significant uncertainty regarding timing, terms and conditions, and closing the transaction”.

Nokian Tires recorded a loss of 280.7 million euros and a decrease of 20 million euros in deferred income tax assets in Russia in the second quarter.

It said its assets in Russia and Belarus, excluding taxes and financials, amounted to 590.4 million euros, and net assets, excluding net debt, amounted to 480.3 million at the end of the third quarter. year 2022.

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