Nokian Tyres plans to invest EUR51.4m in its Russian operations in 2006, down from EUR60.4m in 2005, the Finnish tyre manufacturer said on Tuesday.
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Nokian Tyres’ major investments in Russia are the Vsevolozhsk tyre plant in the Leningrad Region and the automotive accessories retail chain Vianor, the Prime-Tass news agency noted.
The company’s plant in the town of Vsevolozhsk was opened in June 2005 and output totalled 290,600 car tyres by year-end, according to the company’s earlier reports.
Nokian Tyres is a major European automotive tyre producer. The company’s net profit rose 11.4% year on year to EUR82.2m in 2005 on sales of EUR686.5m, 13.8% up year on year, the company said, according to Prime-Tass.
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