With just over a week having passed since the beginning of Russia’s invasion of Ukraine, we are now seeing the first reactions from the global retreading industry.
Nokian Tyres Suspend Nokian Noktop Shipments
Among the first to react was Nokian Tyres, the Finnish tyre manufacturer, who issued a statement on their business in Russia as early as February 28. Although the company’s new tyre manufacturing plant in Russia continues to operate at full capacity, the company has switched production of selected product lines to Finland and the USA. All Nokian Heavy Tyres continue to be manufactured in Finland and all truck tyres in the EU.
In the meantime, however, Nokian Tyres have also announced that they have suspended all shipments of Nokian Noktop retreading materials to Russia. This is no small matter, as Nokian Tyres have been investing resources into the developing the retreading sector in Russia for many years and claim market leadership in the Russian market.
Meanwhile, in a strongly worded statement, The Zenises Group of Companies, which owns the UK based retreader Vaculug in addition to a number of other tyre businesses, has announced that it has “permanently suspended trading for all Group companies with any companies in Russia and Belarus,” emphasisng that the Group had resolved not to trade with these countries ever again.
Furthermore the Zenises Board has unanimously passed resolutions to ensure that 5% of all the net profit made this month from the sale of Zenises Group Products from all 17 Group Companies will be donated to causes supporting the Ukrainian people.
Commercial Tyre Business will continue to report on developments with regards to the impact of the war on relations with the Russian retreading sector as it emerges.