Tire manufacturer Nokian Tires sold Russian business to Tatneft
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Finnish tire manufacturer Nokian Tires has sold the Russian company to Tatneft. The estimated amount of the transaction is €400 million. This is stated in statement companies. Tatneft previously learned about the possible sale of a plant in the Leningrad Region “b”.
“Nokian Tires plc has signed an agreement to sell its Russian enterprises to PJSC Tatneft. The purchase price, net of debt and cash, is expected to be around €400 million. The final purchase price is affected by, among other things, net cash and working capital adjustments and exchange rate changes,” the company said.
Total investment of Nokian in the Russian enterprise up to 2013 amounted to more than €530 million, from 2014 to 2021 – more than €300 million.
In 2021, about 80% of the company’s passenger car tires were produced in Russia, with the Russia and Asia business unit accounting for 20% of net sales. As part of the exit from the Russian business in the second quarter of 2022, Nokian Tires received €280.7 million in impaired assets.
Read more about the deal – in the material “Investors are changing tires”.
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