Large tire companies sell their Russian enterprises and leave the market

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Large tire companies are selling their Russian enterprises and leaving the market

Nokian Tires are selling a Russian plant that produced 80% of the tire concern's total output. Bridgestone is also looking for buyers for its enterprise in the Russian Federation.

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Following the global auto giants, tire manufacturers are also getting rid of their Russian assets. Non-working enterprises are put up for sale.

In particular, the Finnish company Nokian Tires announced the sale of its plant in Vsevolzhsk. The buyer will be the Tatneft concern, which produces Kama and Viatti tires. The deal will amount to 400 million euros.

Large tire companies sell their Russian enterprises and leave the market

Major tire companies sell their Russian operations and exit the market

Nokian Tires' operation halted in June after the Finnish tire giant took over decision to leave the Russian market. The plant was built in 2005 and produced 80% of all Nokian tires (17 million tires per year), with 60% of the products exported.

In addition, it became known that a buyer for its Russian assets is also Bridgestone. After a thorough study of the situation and the interests of employees, suppliers and customers, it was decided to abandon business in the Russian Federation. The Japanese company believes that this will take several months.

The Bridgestone plant in Ulyanovsk has not been operating since March, and its entire staff (900 people) is on paid leave. The company has been operating since 2016 and also exported tires.