1 Mar 2022
Company had generated €336 million of sales from tire production operations in Russia
Nokia, Finland – Nokian Tyres has withdrawn its outlook for 2022, due to the ongoing Russia-Ukraine conflict.
In a statement 28 Feb, the Finnish tire maker said the Russian military actions in Ukraine and the consequent sanctions had caused “significant uncertainty” for the company.
The uncertainties, it added, mainly related to the functionality of the Russian financial and payment system as well as the Russian ruble exchange rate.
“Therefore, the board of directors of Nokian Tyres plc has decided to withdraw the company’s financial guidance for 2022 published on 8 Feb,” it said.
Due to the prevailing uncertainties, the company said it was not in a position to give a new guidance at this moment.
Earlier last month, Nokian said it expected net sales to ‘grow significantly’ and segment operating profit to ‘grow’ in 2022.
Nokian generated €336 million of sales from its tire production operations, based in Vsevolozhsk, Russia last year.
The plant, near Saint Petersburg, has capacity to produce 17 million units/year of radial passenger car and light truck tires and employs over 1,600 people.
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