Tire Maker Nokian Announces Controlled Withdrawal from Russia
Tire manufacturer Nokian is the latest major firm to announce it is going to stop doing business in Russia. The company's board of directors issued a statement on Tuesday that it is beginning a controlled withdrawal from the country.
Citing the war in Ukraine and the resulting tightening of sanctions, the company says it is no longer possible or viable for it to continue its operations there. Preparations for the withdrawal will begin immediately and Nokian will evaluate different options for carrying it out. The process will be carried out with due consideration for local employees and legislation, the company promises.
Inevitable as it likely was, this move is a big deal for Nokian, which operates three tire manufacturing plants around the world - one in Nokia, Finland, another in Dayton, Tennessee (since 2019) and a third in Vsevolojsk, Russia.
“For the past months, we have witnessed shocking events in Ukraine. We have followed the situation with great sadness and we, along with the whole international community, unequivocally condemn the war, which has caused unspeakable suffering to so many”, wrote Jukka Moisio, President and CEO of Nokian Tyres in a statement.
He added that “Our short-term focus has been on adapting to the fast-changing, highly uncertain operating environment, and maintaining control of our operations in Russia.”
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