66 Million Additional Euros Earmarked for Nokian’s Russian Facility

Russia’s AK&M Information Agency reports that investment in the second stage of the Nokian Tyres facility in Vsevolozhsk, St Petersburg will this year be increased by 66 million euros. Total investment in the project, which will double the factory’s output to 10 million units per year by 2011, is expected to reach 195 million euros.

Stage one of the project required an investment of 155 million euros and production at the facility began in June 2005. Plant production reportedly covers 27.4 per cent of Russia’s output. In 2006 the factory’s net profit rose 30.5 per cent to 107.3 million euros, with net sales increasing 21.8 per cent to 835.9 million euros.