NOKIA, Finland — Finnish tire maker Nokian Tyres P.L.C. has agreed to become a minority owner in a project to build a $230 million passenger tire plant in Kazakhstan.
The factory will be a joint venture company called Ordabasy-Nokian Tyres J.S.C., with Nokian Tyres holding 10 percent initially with an option to increase that to a minimum of 50 percent. Its partner is Ordabasy Corp. J.S.C., a Kazakhstani company that owns Kazakhstan´s only tire facility, a former Soviet-built and operated unit in Chimkent.
Nokian said it will provide the joint venture with the know-how and expertise needed to build a tire factory and to produce tires. The factory will make Nokian- and Nordman-brand products for Nokian Tyres along with a new brand to be developed for the joint venture. The products will be sold in Kazakhstan, as well as in central Asia, Russia and Eastern Europe.