The board of the Finnish company, Nokian Tires, finalized the company's plans to build a tire factory in Vsevolozhk in Leningrad Region.

Construction is to begin this year, with production scheduled for the second half of 2005, Nokian said. The planned investment of euro 52 million is expected to come from the European Bank for Reconstruction and Development. The plant's initial capacity is to be 1 million tires a year, with future expansion to bring capacity to 8 million units annually. 'All construction documents have been submitted to the authorities,' the company said. Nokian Tires is registered in Vsevolozhsk.

Nokian Tires, the largest European producer of snow tires, is owned by Bridgestone, Nokian Group and a number of other Finnish entities.

News source: www.rosbaltnews.com
Print this news