Nokian Tyres receives 285 mln euros for sale of Russia operations

March 16 (Reuters) – Finland’s Nokian Tyres (TYRES.HE) said on Thursday Russian energy and petrochemical company PJSC Tatneft (TATN.MM) had paid it 285 million euros ($302.30 million) for its operations in Russia.

As many other international companies withdrew from Russia in response to the Ukraine war, Nokian Tyres said last year it would exit the Russian tyre-making business.

“Due to the war in Ukraine, it was no longer feasible nor sustainable for Nokian Tyres to continue operations in Russia. The exit process has been long, but we are satisfied that we are in the final stage of completing it,” Nokian Tyres CEO Jukka Moisio said in a statement.

The final impact of the transaction would be disclosed in the company’s first quarter 2023 interim report, the statement said.

The company said earlier this week that Russia’s Governmental Commission on Monitoring Foreign Investment had approved the sale price that was significantly less than the 400 million euros that the group originally expected when a deal was announced in October.

($1 = 0.9428 euros)

Reporting by Jyoti Narayan in Bengaluru; editing by Barbara Lewis