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Business news, 29.12.2003 16:51

Nokian putting USD 120 million into tire plant in Vsevolozhsk

Nokian Tyres Nokian Tyres, a Finnish company, plans to start construction of a Vsevolozhsk (Leningrad Region) plant to manufacture automotive tires in 2004. Valery Serdyukov, Leningrad Region governor, made the announcement in the course of a meeting last week with former regional governor and current State Duma member Aleksandr Belyakov. The project will cost USD 120 million, and the plant will have a capacity of 6 million tires a year, Serdyukov said.

The plant is to be built in three stages, with a capacity of 2 million tires a year in the first stage. Serdyukov noted that there is currently no production of tires for foreign makes of cars in Russia.

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