Nokian Tyres Moves Some Production and Stock Out of Russia

Nokian Tyres Moves Some Production and Stock Out of Russia

Finland-based Nokian Tyres is shifting production of some of its key product lines from Russia to Finland and the United States to prepare for possible further sanctions following Russia’s invasion of Ukraine, the company said.

According to Nokian, their business is one of many grappling with how to respond as Russian forces sweep across Ukraine, although most have tended to focus on closing or moving operations in Ukraine while taking a more wait-and-see approach to Russia.

While running its factory near Saint Petersburg at full capacity, Nokian says it has started transporting tires out of Russia to warehouses closer to its customers.

While not all Nokian products made in Russia could be made at Finnish or U.S plants, Nokian says no sanctions are currently affecting Nokian’s Russian business.

The company also could not say whether the move would be temporary or permanent as the situation is evolving.

The tire maker says it has been ramping up production in Finland and the US to respond to increasing demand, but still produces approximately 80% of its annual capacity of 20 million tires in Russia, where it employs around 1,600 people, Reuters reported.

At the end of February, Nokian withdrew its financial guidance for fiscal year 2022, saying: “The Russian military actions in Ukraine and the consequent sanctions have caused significant uncertainty related to Russia, to the functionality of the Russian financial and payment system and to the Russian ruble exchange rate… Due to the prevailing uncertainties, the board is not in a position to give new guidance at this moment.”

Earlier guidance published Feb. 8 reported Nokian Tyres’ net sales with comparable currencies are expected to grow significantly and segment operating profit is expected to grow as well as global car and tire demand.

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