Nokian Tyres

Early corporate predecessors of Nokian Tyres are the Nokia Aktiebolag and Suomen Kumitehdas Oy . In 1865, mining engineer Fredrik Idestam established a groundwood pulp mill on the banks of the Tammerkoski rapids in the town of Tampere, in southwestern Finland. In 1868, Idestam built a second mill near the town of Nokia, 15 kilometres west of Tampere by the Nokianvirta River, which had better resources for hydroelectric production. In 1871, with the help of his close friend, the statesman Leo Mechelin, Idestam renamed and transformed his mills into a share company, founding the Nokia Company.Suomen Gummitehdas Oy was founded in 1898 and began manufacturing car tyres in 1932. The Hakkapeliitta tyre name was introduced in 1936, and some tyres sold under the Nokian tyre name still use the Hakkapeliitta brand name. Hakkapeliitta is a historical term used for a Finnish light cavalryman in the service of King Gustavus Adolphus of Sweden during the Thirty Years' War . In 1967, Suomen Kumitehdas Oy merged with Kaapelitehdas and the forest and power industry company Nokia Aktiebolag to create Nokia Corporation.Nokian Tyres was split from the Nokia Corporation when Nokian Tyres Limited was created in 1988 as a joint venture company. Nokian Tyres PLC shares were floated on the Helsinki Stock Exchange in 1995. Nokia, which became the largest mobile telephone manufacturer in 1998, ended its ownership interest in Nokian Tyres in 2003, selling its holding of 2 million shares to Bridgestone Europe NV/SA, a subsidiary of the Japanese tyre manufacturer Bridgestone, for U.S. $73.2 million. This made Bridgestone the largest shareholder, with an 18.9% stake, later diluted to 16.8%. Bridgestone announced that Nokian Tyres would be operated independently, but it would consider complementing the company's product development, testing, and distribution.Production of bicycle tyres and inner tubes started in 1974 in Lieksa, Finland. In 2004, Nokian Tyres sold its bicycle tyre business to Suomen Rengastehdas Oy for €3.6 million. This successor company remained one of the few manufacturers of tungsten carbide-studded snow tyres for bicycles. Suomen Rengastehdas continued to produce bicycle tyres, including all Nokian-branded bicycle tyres until the bankruptcy of the company in 20 May 2019 In September of 2019 LieksaTyres Oy acquired the bankruptcy estates including all model and immaterial rights of Suomen Rengastehdas and continues the production of promising product categories including bicycle summer tyres.Nokian Tyres set up a joint venture, Ordabasy – Nokian Tyres JSC, with Ordabasy Corporation JSC, a multi-industry Kazakh company, to manufacture passenger car tyres at a planned new factory in Kazakhstan. The venture started in 2007, but the manufacturing project was put on hold in early 2009. Nokian Tyres was to provide technical expertise in tyre manufacturing, and the products were to be sold in Kazakhstan, Central Asia, Russia, and Eastern Europe. In 2009, the Nokian Hakkapeliitta tyre model line received the "List of trademarks with a reputation" status by the National Board of Patents and Registration of Finland.The 2022 Russian invasion of Ukraine had a severe impact on Nokian Tyres as the company had manufactured 80 percent of its car tyres in Russia. Nokian initially continued its operations in Russia, expressing that it wished to retain control over its factories and ensure they were not used for military purposes. It also said it would boost production in Finland and the United States. During the summer, Nokian began to withdraw from Russia. In October, Nokian sold its Russian operations to Tatneft for €400 million and announced a €650 million investment for a new factory in Romania.