After registration formalities in Russia, the transaction will be completed, and Nokian Tyres’ operations in Russia will end.
Nokian’s Withdrawal from Russia will be soon Completed
Based on the information Nokian Tyres received from PJSC Tatneft, The Russian Governmental Commission on Monitoring Foreign Investments (the Russian Governmental Commission) has approved PJSC Tatneft’s purchase of Nokian Tyres plc’s operations in Russia. The signing of the transaction was announced on October 28, 2022.
Nokian Tyres has received the sales price of EUR 285 million from PJSC Tatneft for the sale of its operations in Russia. The total permissible transaction price defined by the Russian Governmental Commission was 23,050 million ruble. The original transaction price announced on October 28, 2022 was expected to be approximately EUR 400 million. The RUB/EUR exchange rate as determined by the Russian Central Bank on the day of payment was applied.
After registration formalities in Russia, the transaction will be completed, and Nokian Tyres’ operations in Russia will end.“Due to the war in Ukraine it was no longer feasible nor sustainable for Nokian Tyres to continue operations in Russia. The exit process has been long, but we are satisfied that we are in the final stage of completing it. Our focus is now fully on building the new Nokian Tyres, and we are excited about our new direction”, says Jukka Moisio, President and CEO of Nokian Tyres.
The final impacts of the transaction will be disclosed in the first quarter 2023 interim report on April 25, 2023.