Nokian Tyres: Romania contributing 99.55 million euros to factory project

The government of Romania has approved state aid of almost 100 million euros to Nokian Tyres PLC. The tyre maker intends to establish a new factory in Oradea, and the ad hoc regional state aid will finance the costs related to the factory’s establishment and address the financing gap related to this greenfield investment.

Romania will grant Nokian Tyres 99.55 million euros over a five-year period between 2023 and 2028. The project, which will see Nokian establish a facility capable of producing six million tyres a year, requires a total investment of 642.4 million euros.

The state aid will be granted after gaining approval by the European Commission.