HELSINKI, Finland (April 7, 2011)—Nokian Tyres P.L.C. will double its manufacturing presence in Russia in the coming three to four years by adding capacity for 5 million to 6 million tires at a plant to be built adjacent to its existing factory in Vsevolozhsk, Russia.
Nokian did not specify its investment in the new capacity, but Chairman Kim Gran said the firm is budgeting about $170 million overall in capital expenditures for each of the next three years. The company is finalizing details of tax incentives and infrastructure requirements, he said.
Nokian also continues to expand the existing Vsevolozhsk plant, with two additional production lines scheduled to start this year, with 200 jobs in the offing. The company added two lines last year, which also created 200 jobs at the plant, which now employs 851.
The tire maker also will upgrade the automation at its plant in Nokia, Finland, and take on an additional 150 workers there during 2011.