Tatneft became the owner of the tire plant of the Finnish Nokian Tires

The Russian oil company Tatneft became the owner of 100% of the authorized capital of the Nokian Tires tire plant in Vsevolozhsk, Leningrad Region. About this with reference to the data of the Unified State Register of Legal Entities informs Interfax.

According to the agency, the changes to the register were made on March 24. It is noted that Tatneft also received 100% in Hakka Invest, which is responsible for the lease and management of Nokian Tires real estate.

The Finnish tire manufacturer 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 earlier. 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.”

Nokian Tires announced the signing of a deal to sell the Russian business of Tatneft at the end of October last year. Then the Finnish company noted that the transaction amount would be about 400 million euros. The company received approval for the transaction from the government commission on March 14.

Nokian Tires received 285 million euros for the Russian tire business from Tatneft. The Finnish company said that after passing the registration formalities in Russia, the deal will be completed and Nokian Tires’ activities in Russia will cease. Details of the transaction and its consequences will be disclosed in the company’s report for the first quarter of 2023, the press service noted.