Tires at the former Nokian Tires plant will be produced under the Ikon brand

The plant in St. Petersburg, owned by the Finnish concern Nokian Tires, will now produce tires under the Ikon Tires brand. This was reported in the press service of the company.

Tire Company Acquired by PAOTatneft“from the Finnish concern Nokian Tires plc, announces a change of name and rebranding of its products. Under the terms of the license agreement, the company must stop using all trademarks and names owned by Nokian Tires plc, except for the Nordman brand,” the report says (cit. according to TASS).

It is specified that the plant now produces tires of the middle price segment under the Nordman brand. “Premium tires will be produced under the new parent brand – Ikon Tires,” the company added.

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. As a result Nokian Tires received 285 million euros for the Russian tire business from Tatneft.