Nokian Tyres signs a EUR 150 million loan with European Investment Bank to advance sustainable tire manufacturing
Nokian Tyres plc Press Release July 31, 2024, at 6:35 p.m. EEST
Nokian Tyres has signed a EUR 150 million loan agreement with the European Investment Bank (EIB). The eight-year loan will support Nokian Tyres’ strategic investment project in Romania, where the company is building the world’s first zero CO2 tire factory.
Nokian Tyres is one of the sustainability leaders in the tire industry, and the company is doing continuous development in various sustainability areas. The loan agreement aims to further improve the sustainability of Nokian Tyres’ operations by financing advanced tire manufacturing technologies at the new Romanian production facility.
“Our Romania factory is making history as the world’s first zero CO2 emission tire factory. It will be an industry benchmark with a holistic approach to sustainability, including the use of solely CO2 free energy sources and energy-efficient and highly automated processes. EIB is an important partner in our investment project and the financing agreement allows us to further develop sustainability of the tire industry,” says Leena Kaipainen, VP, Group Treasurer.
Further information:
Niko Haavisto, CFO, Nokian Tyres, tel. +358 010 401 7819
media@nokiantyres.com
Nokian Tyres
Nokian Tyres develops and manufactures premium tires for people who value safety, sustainability and predictability. 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 2023, our net sales totaled EUR 1,174 million. At the end of 2023 we employed over 3,400 professionals. Nokian Tyres is listed on Nasdaq Helsinki. Further information: www.nokiantyres.com.
About the European Investment Bank
The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It is active in more than 160 countries and makes long-term finance available for sound investment in order to contribute towards EU policy goals. You can find more information about the EIB and climate education here.