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Nokian Tyres to Invest in New European Factory
Nokian Tyres has announced that the company starts to expedite its plans to invest in new production capacity in Europe.
Nokian Commits Euro106 for New Capacity
Therefore, the Board of Directors changed the proposal to the Annual General Meeting regarding the dividend payment, cutting the total dividend payable to shareholders by EUR106 million to fund the new capacity.
Because of the war in Ukraine, the company starts to expedite its plans to invest in new production capacity in Europe. Nokian Tyres also continues to increase capacity at its factories in Finland and the US, aiming to become geographically more diversified in its manufacturing operations.
Nokian said, the company has no longer investing into production in Russia. Shipments of passenger car tyres to Russia have been suspended. All Nokian Tyres’ heavy tyres are designed and manufactured in Finland. Tyres for trucks and buses are designed in Finland and produced in the EU. Sales and distribution of heavy tyres to Russia has been stopped. Nokian Tyres also stressed that it has never sold tyres to the Russian army, and the Russian Federation is not a customer of Nokian Tyres.