Nokian Tyres has followed the situation in Ukraine with great sadness and hopes for a quick diplomatic solution but in a statement the company said the safety of its employees is its priority. Nokian Tyres has factories in Finland, Russia, and in the US. Source: Timberbiz
In Russia, Nokia has approximately 1,600 employees. Net sales of the Business Area Russia & Asia in 2021 was approximately EUR 336 million.
The company said it will do everything to support its Nokian Tyres team in this situation.
A crisis management team has been established and is functional and prepared for different scenarios.
The company is monitoring the development of sanctions and potential counter-sanctions and has activated contingency plans to mitigate the financial and operational impacts to the business.
As an example it is shipping tyres closer to customers, securing the raw material supply to factories, transferring production of selected key product lines from Russia to Finland and the US, and securing transport capacity from Russia with existing and new service providers.
The company’s factory in Russia is working at full capacity.
Transferring production of certain product families to Finland and to the US, which started before the current crisis was part of the growth strategy announced in September 2021, covers products more important for markets outside Russia and is not significant in terms of the total volume.
Additionally, it continues to increase production in Finland and in the US. All production by Nokian Heavy Tyres takes place in Finland.
Nokia will not speculate on possible future sanctions or how the situation in general will evolve.
