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Nokian Tyres defends decision to stay in Russia

Randy Mancini 5 Mar 22
A Nokian tyre is on display at a tyre assembling centre and shop in Moscow
FILE PHOTO: A Nokian tyre is on display at a tyre assembling centre and shop in Moscow, August 8, 2014. Finnish winter tyre maker Nokian Renkaat reported a bigger-than-expected fall in second-quarter operating profit due to plummeting sales in Russia. REUTERS/Maxim Shemetov

March 22, 2022

HELSINKI (Reuters) – Finland’s Nokian Tyres PLC on Tuesday said it has decided to continue production in Russia to ensure it retains control of its local factory, at a time when many companies are halting operations to protest Russia’s invasion of Ukraine.

“By continuing to operate the passenger car tyre factory in Russia we want to make sure that the factory is operated and controlled by Nokian Tyres also in the future,” the company said in a statement.

Nokian Tyres said it would seek to accelerate the increase of capacity at its factories in Finland and in the United States and look for additional capacity elsewhere.

It also said it aims to become geographically more diversified in its manufacturing operations.

Russia calls its actions in Ukraine a “special operation”.

(Reporting by Anne Kauranen; Editing by Christopher Cushing)