Inside information: Nokian Tyres has received the payment for the sale of its operations in Russia
Nokian Tyres plc, Inside information, March 16, 2023 at 6.00 p.m.
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 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.
Nokian Tyres has published stock exchange releases on the sale of its operations in Russia as follows:
Inside information: The Russian Governmental Commission has approved PJSC Tatneft’s purchase of Nokian Tyres plc’s operations in Russia (March 14, 2023)
Inside information: Nokian Tyres plc to sell its operations in Russia (October 28, 2022)
Further information:
Teemu Kangas-Kärki, CFO, tel: +358 10 401 7750
Päivi Antola, SVP, Communications, Investor Relations and Brand, tel: +358 10 401 7327
Investor relations: ir@nokiantyres.com
Media enquiries: media@nokiantyres.com
Nokian Tyres develops and manufactures premium tires for people who value safety, sustainability and predictability. Our purpose is to empower the world to drive smarter. Inspired by our Scandinavian heritage, we craft innovative products for passenger cars, trucks and heavy machinery that give you peace of mind in all driving conditions. Our Vianor chain provides tire and car services. In 2022, our segments net sales totaled EUR 1,350 million. At the end of 2022 we employed some 4,500 professionals. Nokian Tyres is listed on Nasdaq Helsinki. Further information: www.nokiantyres.com.