Finnish tyre maker Nokian Renkaat may invest up to EUR25m (US$32.3m) in new capacity according to reports, although there is as yet no firm timetable.

New equipment is apparently being tested say Finish media, that could raise tyre production at the plant from 3.5m to 5m annually.

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“The majority of the investment will happen in the next few years, but this year looks to remain quiet,” Nokian Renkaat CFO Anne Leskela is reported as saying.

Leskela said the firm had not yet to decided on the investment or when it would begin, but was currently testing new production equipment.

Should the cash injection go ahead, it would increase annual capacity at the Nokia plant to around 5m tyres from around 3.5m currently, Leskela added.

“It’s quite a significant increase, which will more than double production efficiency,” she said.

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Some EUR58m is due to be invested by Nokian Renkaat this year, including EUR15m at the company’s Russian plant and EUR20m for new product development.