Exit Completed: company sold its business/assets or its part of the business to a local partner and leaved the market or liquidated local entity(ies)
Exited Exit Completed
Nokian Tyres plc, headquartered in Nokia, Finland, produces tyres for cars, trucks, buses, and heavy-duty equipment. Known for its winter tyres, Nokian is the only tyre manufacturer in the world with its own permanent winter tyre testing facility.
Exit Completed: company sold its business/assets or its part of the business to a local partner and leaved the market or liquidated local entity(ies)
Exited Exit CompletedFinnish Nokian found a buyer for its business in Russia. Tatneft gains Russian government’s approval to buy Nokian Tyres operations. Nokian Tires will suspend tire production at its plant in Finland. Despite no longer manufacturing or even officially selling its products within the country, Nokian Tyres remains Russia’s best-selling brand of studded winter tyres. Statistics from major e-commerce platform Avito for September 2024 show that Nokian Tyres holds a 19 per cent share of this particular market segment, more than double the eight per cent share held by Pirelli. Ikon Tyres, the brand now produced in the former Nokian Tyres plant in Vsevolozhsk, holds a seven per cent stake in the studded winter segment. Cordiant and Michelin each hold a five per cent share.
28.06.2022: Nokian Tyres initiated ‘controlled exit’ from Russia. Nokian Tyres aims for Q3 decision on new plant to replace Russia production. Nokian Tyres plan to open a new factory in Romania following Russian exit. 16.03.2023: Nokian Tyres closed the sale of Russian operations and received EUR285m from PJSC Tatneft. The Government Commission for Control over the Implementation of Foreign Investments approved the purchase by Tatneft of the enterprises of the Finnish tire manufacturer Nokian Tires in Russia. The signing of the deal was announced on October 28, 2022. 16.03.2023: Nokian Tyres closed the sale of Russian operations and received EUR285m from PJSC Tatneft.