Nokian Tires received 285 million euros for the sale of Russian business
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Nokian Tires received 285 million euros (23.05 million rubles) for the Russian tire business from Tatneft. About it reported press service of the Finnish company.
“Nokian Tires received from PAO”Tatneft» EUR 285 million compensation for the sale of its business in Russia. <...> After passing the registration formalities in Russia, the transaction will be completed and Nokian Tires will cease its activities in Russia,” the company said in a statement. Details of the transaction and its implications will be disclosed in the company’s report for the first quarter of 2023.
Nokian Tires has been operating in Russia since 2005. In 2021, about 80% of the company’s passenger car tires were produced in Russia, the press service of Nokian Tires specified. At the same time, the share of sales of the company’s products in Russia and Asia was about 20%. In June 2022, the company announced its withdrawal from the Russian market after the imposition of sanctions on the import of Russian tires into the EU. The head of the Nokian concern in the Russian Federation, Andrey Pantyukhov, said that the restrictive measures made it “impossible to continue working as part of the concern.”
On the signing of a deal to sell the Russian business of Tatneft to Nokian Tires reported at the end of October last year. Then the Finnish company noted that the transaction amount would be about 400 million euros. Company received approval for the transaction from the government commission on March 14.
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