Tatneft has become the owner of the entire authorized capital of the Finnish tire factory in Vsevolozhsk, Leningrad Region, Interfax reported.
Nokian Tires announced in June 2022 that it was leaving the Russian market following the imposition of sanctions. In the autumn, it became known that all the assets of the factory in the Russian Federation were transferred to Tatneft for 400 million euros.
In February, the agreement on Tatneft’s purchase of 100% of the authorized capital from Nokian Tires was approved by the RF Government’s Foreign Investment Control Commission and the Federal Antimonopoly Service. But a price limit of up to 23.05 billion rubles has been set. In mid-March, the deal was successful and representatives of the tire factory announced that they received 285 million euros for their work in Russia.
Tatneft also took ownership of Hakka Invest LLC, which leases and manages Nokian Tires real estate.
Earlier it was learned that the tire manufacturer Michelin has found a buyer for a factory near Moscow. The new owner can become a distributor of tires of this and other brands – Power International Tires
I am Annabelle Sampson and I work for The News Dept as an author for their news department. My main focus is on economy news, but I also cover other topics such as business, finance, and current affairs. My writing has been featured in prominent publications such as The Wall Street Journal, Forbes Magazine, and the Financial Times.