Noki Tyres moves to Romania

Recently, Finnish tire company Noki Tyre said it had signed an agreement to sell its operations in Russia to Russian oil producer Tatneft
for 400 million euros.
At the same time, the company will invest about 650 million euros in a new tire plant in Romania, which it says will be the first "zero CO2 emission plant"
in the tire industry.
Noki Tire said it would completely exit its Russian business and fulfill its corporate strategy
to consolidate its position in the Central European market.

In Russia, Noki Tire announced in the first half of this year that it would stop investing in its Russian plant and begin shifting production of selected key product lines from Russia to other plants
.
The exit from Russia resulted in an asset impairment of 300 million euros for Noki
Tyres in the second quarter of this year.

In Romania, the new plant will be located in Oradea, Bihor County, Romania, near the Hungarian border, and will have an annual production capacity of 6 million tires and approximately 500 employees
.
According to the company statement, construction of the plant is scheduled to begin in early 2023, with the first passenger car tires expected to be produced in the second half of 2024 and commercial vehicle tires expected in early 2025
.
The plant will focus on the production of tires for passenger cars and SUVs with larger wheel sizes, mainly in the Central European market, and is expected to continue to expand production
in the future.

Juca Moisio, President and CEO of Noki Tire, said: "This investment is an important strategic decision that will contribute to our future growth
.
Building a world-class manufacturing facility in Europe is a critical step
.
”