NOKIA, Finland (Feb. 16) — Nokian Tyres P.L.C. said it will more than double the annual capacity of its Russian tire factory to 10 million units by 2011 at a cost of $253 million.
Nokian´s directors recently approved going ahead with Phase II of the industrial plan at its Vzevolozhsk, Russia, factory, which opened in 2005 with a start-up capacity of 4 million Nokian-brand passenger tires a year.
The second phase will require an additional 350,000 square feet of factory space to accommodate the increased production, Nokian said. Groundbreaking will take place this spring, and the firm will start installing equipment in February 2008.