Finnish tire maker Nokian Tires has agreed to sell its Russian assets to Tatneft. The expected amount of the transaction is 400 million euros, it can be adjusted.
Tatneft and Nokian Tires have reached an agreement to sell Russian assets, the Finnish company said. Its amount is expected to be 400 million euros, which will be affected by changes in exchange rates, adjustments to working capital and net cash.
Nokian Tires has a Russian tire manufacturing plant located in Vsevolozhsk, Leningrad region. More than half of the company’s products are exported; this is the largest plant in Russia, according to the Nokian Tires website.
The Finnish company suspended its operations in Russia in March 2022, causing its total asset value to drop by €280 million. Nokian Tires has been operating in Russia since 2005.
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