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You are here: Home1 / Russia

Russia

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Nokian Tyres begins ‘controlled exit’ from Russia

News

Due to the war in Ukraine and subsequent, tightening sanctions, Nokian Tyres plc has determined that it is “no longer feasible nor sustainable” to continue operations in Russia. The Finnish tyre maker’s Board of Directors thus decided today to initiate a controlled exit from this market. Exit preparations start immediately and Nokian Tyres will evaluate different options for its departure, with “due consideration to local employees and legislation.”

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Related news:

  1. EU sanctions: “significant impact” on Nokian Tyres’ European sales
  2. Nokian Tyres staying in Russia
  3. Nokian Tyres cuts 2021 dividend as European capacity ramps up
  4. Nokian Tyres raises 2022 net sales guidance
28th June 2022/0 Comments/by Stephen

Impossible to resume production – Michelin transferring Russian operations

Company News, International News

After suspending its manufacturing activities in Russia on 15 March, Michelin now confirms that it is “technically impossible to resume production,” due in particular to supply issues, amid a context of general uncertainty. It says Michelin Group is “therefore compelled” to plan the transfer of all of its Russian operations by the end of 2022.

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Related news:

  1. Michelin Guide Moscow offline – activities in Russia suspended
  2. Michelin halts Russian tyre manufacturing and exports to Russia
  3. War as a sales opportunity: Titan subsidiary increasing volumes in Russia
  4. Titan International: No further investments in Russian operation
28th June 2022/0 Comments/by Stephen

Nokian Tyres raises 2022 net sales guidance

Company News

Although the war in Ukraine and subsequent sanctions continue to “cause significant uncertainty” for Nokian Tyres’ operating environment, especially in regards to its business in Russia, on Friday the company reported that demand for its tyres has nonetheless remained good. For this reason, and after successfully implementing price increases to mitigate the impact of inflation, Nokian Tyres has raised its net sales guidance for 2022.

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Related news:

  1. Nokian Tyres cuts 2021 dividend as European capacity ramps up
  2. EU sanctions: “significant impact” on Nokian Tyres’ European sales
  3. Nokian tyres implements Ukraine contingency plans, donates to UNICEF
  4. Nokian Tyres staying in Russia
20th June 2022/0 Comments/by Stephen

Tatneft sells Kama Tyres business

International News

Russian firm PSJC Tatneft has signed an agreement to sell its tyre business, and as such is transferring Kama Tyres to JSC Tatneftekhiminvest-Holding.

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Related news:

  1. Tatneft acquires Sibur synthetic rubber plant
  2. Kama Tyres to make off-highway tyres at Nizhnekamsk plant
  3. Nizhnekamskshina plant begins pilot production of Kama ATV tyres
  4. Tatneft’s Kazakhstan tyre logistics centre
20th May 2022/by Stephen

Pirelli Q1 EBIT up 35%, but full-year estimates revised down

Company News, International News
Pirelli

Pirelli & C. Spa has reported a strong set of first quarter 2022 results which show revenues and pre-tax profits (adjusted EBIT) were up 22.2 per cent and 35.4 per cent respectively despite considerable turmoil related to the war in Ukraine and the resultant sanctions against Russia, where Pirelli runs two tyre factories. However, the tyre manufacturer has also revised down full-year estimates due to the same “geopolitical tensions”.

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Related news:

  1. Pirelli: Profits will remain in lower end of range, despite Russia-Ukraine crisis
  2. Pirelli gives 500,000 euros to support Ukranian refugees
  3. How will war in Ukraine impact European tyre production?
  4. Pirelli stops new investment in Russia, puts brakes on tyre manufacturing in Russia
12th May 2022/by Chris

Titan International: No further investments in Russian operation

Company News, International News

Although Russian tyre maker Voltyre-Prom recently spoke of potential opportunities arising from the war in Ukraine and related international implications, majority shareholder Titan International confirms it will not be investing in this business any time soon. Details of Titan’s relationship with the Russian operation were set out in the US-based firm’s 10-Q financial report for Q1 2022 and further commented on during a teleconference held on 3 May.

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Related news:

  1. War as a sales opportunity: Titan subsidiary increasing volumes in Russia
  2. Voltyre-Prom: Key shareholder announces aim to sell stake in tyre maker
  3. Titan: Russia-Ukraine war hasn’t impacted global operations
  4. Titan International closes RDIF put option transaction
5th May 2022/by Stephen

UK government blocks Russian and Belarussian tyre, rubber product imports with 35% tariff increase

Company News, International News, Retreading, UK News
Igorn; Pixabay

On 25 April 2022, the UK Government announced a further tranche of trade sanctions against Russia. The new sanctions, which were introduced by International Trade Secretary Anne-Marie Trevelyan and Chancellor of the Exchequer Rishi Sunak, include import bans on silver, wood and high-end products like caviar. At the same time, the government has raised tariffs by 35 percentage points on items from Russia and Belarus, including diamonds and “rubber products”. Additional duties of 35 per cent were already introduced on “new pneumatic tyres, of rubber” on 25 March 2022.

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Related news:

  1. Sanction-hit tyremaker Belshina patriotic amid war in Ukraine
  2. Ukraine war’s impact on global tyre-makers acute for Nokian, manageable for others
  3. New UK Global Tariff sees tyre duty reduced from 4.5% to 4.0%
  4. Nokian moves selected tyre production out of Russia
25th April 2022/by Chris

Duty of care – Continental restarts tyre production in Russia

Company News, International News

Although war continues to rage in Ukraine, German tyre maker Continental is once again producing in Russia. The reason the company gives for resuming tyre manufacture is duty of care for its Russian workforce.

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Related news:

  1. Continental halts tyre exports from Russian plant
  2. Output at Continental’s Kaluga plant exceeds 10 million tyres
  3. Continental: Russian tyre raw material supply will ‘gradually deteriorate’
  4. Volkswagen halts Russian production, imports
20th April 2022/2 Comments/by Stephen

War as a sales opportunity: Titan subsidiary increasing volumes in Russia

Company News, International News

While other tyre makers are distancing themselves from Russia and moving production capacities elsewhere at present, Titan International Inc.’s subsidiary in Volzhsky, Volgograd Oblast has announced plans to increase its production volumes. Voltyre-Prom, which is majority owned and managed by the Illinois, USA-based off-highway tyre specialist, states that the current situation “opens up new opportunities” for it to increase production volumes and sales.

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Related news:

  1. Voltyre-Prom: Key shareholder announces aim to sell stake in tyre maker
  2. Titan receives additional settlement put option notice
  3. Titan International closes RDIF put option transaction
  4. Titan: Russia-Ukraine war hasn’t impacted global operations
13th April 2022/by Stephen

Michelin Guide Moscow offline – activities in Russia suspended

International News

Michelin hasn’t only halted its tyre production in and exports to Russia in response to the current situation in Ukraine. It has announced that the Michelin Guide team has suspended all restaurant recommendation activities in the country.

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Related news:

  1. Michelin halts Russian tyre manufacturing and exports to Russia
  2. Nokian Tyres cuts 2021 dividend as European capacity ramps up
  3. EU sanctions: “significant impact” on Nokian Tyres’ European sales
  4. Sanction-hit tyremaker Belshina patriotic amid war in Ukraine
12th April 2022/by Stephen

EU sanctions: “significant impact” on Nokian Tyres’ European sales

Company News

The latest EU sanctions against Russia will seriously affect Nokian Tyres and its business in Europe. The tyre maker says the sanctions will have a “significant impact” on its ability to manufacture tyres in Russia, which will reduce its ability to sell tyres in the EU, and within Central Europe in particular.

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Related news:

  1. Nokian Tyres drops 2022 guidance due to Russian invasion
  2. Nokian Tyres staying in Russia
  3. Nokian Tyres cuts 2021 dividend as European capacity ramps up
  4. Sanction-hit tyremaker Belshina patriotic amid war in Ukraine
11th April 2022/by Stephen

Yale upgrades Trelleborg’s Russia response to B

International News

Following Trelleborg Group’s confirmation that it cancelled plans to invest in new manufacturing facilities in Russia following Russia’s invasion of Ukraine at the end of February, Yale School of Management has upgraded the Swedish-based rubber products specialist business from grade “F” to “B”.

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Related news:

  1. Pirelli stops new investment in Russia, puts brakes on tyre manufacturing in Russia
  2. Nokian Tyres drops 2022 guidance due to Russian invasion
  3. Continental: Russian tyre raw material supply will ‘gradually deteriorate’
  4. Bridgestone: No facilities or employees in Ukraine
8th April 2022/by Chris

Nokian Tyres investing 106 million euros in new European factory

Company News, International News

Nokian Tyres is expediting “plans to invest in new production capacity in Europe” in response to the sanctions against Russia, where the company has significant levels of tyre production. Specifically, Nokian’s board of directors will cut the dividend payable to shareholders by 106 million euros to fund the new capacity. Nokian Tyres will also increase capacity at its factories in Finland and the US with a view to becoming more geographically diversified in its manufacturing operations.

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Related news:

  1. Nokian Tyres staying in Russia
  2. Georgia selected as location for $500 million Sentury Tire US factory
  3. Why Doublestar’s Kumho purchase is a good idea
  4. Linglong investing almost $1 billion in new circular economy-focused China tyre factory
8th April 2022/by Chris

Trelleborg exited manufacturing in Russia in February

Company News, International News

Trelleborg Group cancelled plans to invest in new manufacturing facilities in Russia following Russia’s invasion of Ukraine at the end of February. Back in October 2021 Trelleborg had announced plans to invest roughly 30 million euros in manufacturing operations in Russia, Vietnam, Japan and Morocco. The Russia project was set to focus on sealing solutions.

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Related news:

  1. Sanction-hit tyremaker Belshina patriotic amid war in Ukraine
  2. Volkswagen halts Russian production, imports
  3. Enviro reports ‘Sharp increase in interest’ in rCB due to war in Ukraine
  4. Pirelli stops new investment in Russia, puts brakes on tyre manufacturing in Russia
8th April 2022/by Chris

Nokian Tyres cuts 2021 dividend as European capacity ramps up

Company News

The war in Ukraine has brought “high uncertainty” to Nokian Tyres’ operational environment and manufacturing capacity, and as a result it is accelerating plans to invest in new production capacity in Europe. To help fund this capacity, the Board of Directors at Nokian tyres has decided to decrease the dividend payable for the 2021 financial year.

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Related news:

  1. Nokian tyres implements Ukraine contingency plans, donates to UNICEF
  2. Nokian Tyres staying in Russia
  3. Nokian and Matador To Commence Contract Manufacturing
  4. Nokian Reports “Satisfactory Results” for 2009
31st March 2022/by Stephen
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