Nokian’s tire plant in Vsevolozhsk, outdoors St. Petersburg, Russia. (AP)
HELSINKI — Nokian Tires has signed an settlement to promote its Russian operations to Russian oil producer Tatneft PJSC for 400 million euros ($398.7 million), the Finnish firm mentioned on Friday.
On the finish of June, Nokian Tires mentioned it will provoke a managed exit from the Russian market attributable to Russia’s conflict in Ukraine.
The corporate, which used to make 80% of its passenger automobile tires in Russia, has been working within the nation since 2005.
“The transaction is topic to approval by the related regulatory authorities in Russia and different circumstances, which creates substantial uncertainties associated to the timing, phrases and circumstances and the closing of the transaction,” Nokian mentioned in an announcement.
Nokian Tires had already recorded an impairment of 280.7 million euros and a write-down of 20 million euros of deferred tax property in Russia within the second quarter.
It mentioned its property in Russia and Belarus, excluding tax and monetary objects, amounted to 590.4 million euros and its internet property, excluding internet debt, amounted to 480.3 million on the finish of the third quarter of 2022.