The move comes less than three months after Nokian Tyres announced it had agreed to sell its Russian operations to Russian energy and chemicals company P.J.S.C. Tatneft, effectively completing the Finnish tire maker's previously announced exit from Russia. The move was prompted by Russia's invasion of Ukraine.
The purchase price of the "debt free and cash free" sale is expected to be around $400 million Euros, or roughly $399 million in U.S. funds. The plant in Vsevolzhsk is rated at close to 16 million tires per year.
Nokian Tyres opened the Dayton plant in 2019 and began producing tires there for commercial use in January 2020. Today, the company said it employs approximately 350 workers there, a number expected to grow to 475 by year-end 2023.
"We strive to be an employer of choice in Southeast Tennessee, and that has been our focus since day one of our operations," Dayton factory Operations Director David Korda said. "As we grow, we're excited about providing fulfilling opportunities for professional growth that will also help our factory and company grow."
Tennessee Gov. Bill Lee lauded the company, saying the new jobs "will greatly benefit Tennesseans in Rhea County and across the region for years to come, and I thank Nokian Tyres for placing its confidence in Tennessee."