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☆ The Ukraine War Changed This Company Forever
▼ + stars: | 2023-07-05 | by ( Patricia Cohen | ) www.nytimes.com time to read: +1 min

Yellow and orange excavators slowly danced around a maze of muddy pits, swinging giant fistfuls of dirt as a chorus line of trucks traipsed across the landscape. This 50-acre plot in Oradea, Romania, close to the border with Hungary, beat out scores of other sites in Europe to become the home of Nokian Tyres’ new 650 million-euro, or $706 million, factory. Like an industrial-minded Goldilocks, the Finnish tire company had searched for the just-right combination of real estate, transport links, labor supply and pro-business environment. Geopolitical risk “was the starting point,” said Jukka Moisio, the chief executive and president of Nokian. That was not the case before Russia invaded Ukraine on Feb. 24, 2022.

Persons: ”, Jukka Moisio Organizations: Nokian Tyres, European Union, Atlantic Treaty Organization, Nokian Locations: Oradea, Romania, Hungary, Europe, Russia, Ukraine

[1/3] A tyre produced by the Finnish group Nokian Tyres on display at a dealership in Moscow, Russia, March 23, 2023. Nokian Tyres' protracted departure illustrates the growing headwinds faced by Western companies that have yet to fully depart the country. "The war changed the operating environment in a rapid and unpredictable way," Nokian Tyres' Chief Transformation Officer Johanna Horsma told Reuters. Additional valuation requirements published in mid-December came in the middle of Nokian Tyres' transaction, he added. The buyer needs to be well selected to avoid scammers, said Nokian Tyres' Horsma.

Persons: Maxim Shemetov, Johanna Horsma, Finland's Fortum, Germany's, Peter Wand, Baker McKenzie, Thomas Kormendi, Kormendi, Alexei Moiseev, Moiseev, Nokian, Tatiana Stanovaya, Elopak, Baker McKenzie's Wand, Alexander Marrow, Darya Korsunskaya, Matt Scuffham, Kirsten Donovan Organizations: Nokian Tyres, REUTERS, Finland's, U.S . Treasury, Reuters, Companies, Thomson Locations: Moscow, Russia, finalising, Ukraine, Western, Frankfurt

While Budapest and Warsaw are haggling with the bloc over rule-of-law strings attached to billions worth of pandemic recovery funds, Romania has already drawn down over 6 billion euros in grants and cheap loans. Prime Minister Nicolae Ciuca has said the government aims to tap more than 10 billion euros a year, equivalent to about 4% of GDP, of about 90 billion euros of EU funding available to Bucharest through to 2027. RESHORINGCompanies reshoring from Russia and Ukraine to nearby low-cost manufacturing hubs partially helped push foreign direct investment to 9.39 billion euros in January-October, the largest 10-month figure since Romania joined the EU. "We are optimistic that investment will rise in coming years, also encouraged by EU funds," said Alex Milcev, head of Tax and Legal at E&Y Romania. And relations with the EU are not always smooth: in December, Austrian opposition over unauthorised immigration kept Romania out of Europe's borderless Schengen area.

☆ Nokian Tyres to build 650 mln euro plant in Romania, replacing Russian output
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +1 min

HELSINKI, Nov 1 (Reuters) - Finland's Nokian Tyres (TYRES.HE) on Tuesday said it will invest 650 million euros ($645.19 million) to build a new passenger car tyre factory in Romania. Built to make 6 million tyres per year, the Romanian plant is set to replace some of the lost output from Nokian's now divested Russian operation which had the annual capacity to produce 17 million passenger car tyres. The new plant will allow the company to "start building the new Nokian Tyres without Russia", Chief Executive Jukka Moisio said. The new factory, which Nokian aims to make the industry's first zero CO2 emissions plant, will employ 500 people. Nokian said it chose Oradea in northwest Romania because it was conveniently located to sell tyres in central Europe and green energy was available near the site.

Jussi Kallioniemi din Nokia a avut nevoie de doar 13 minute și 26 de secunde pentru a împinge un autoturism cu o greutate de 2.100 kilograme pe o distanță de 1,6 km. O mașină grea de 2.100 de kg a fost împinsă 1,6 km în 13 minute și 26 de secunde„Oamenii îmi spun adesea că nu arăt ca un om puternic – și chiar nu sunt. Aceasta a fost o performanță ce poate fi comparată cu o alergare pe distanță medie, nu cu o demonstrație de forță. Atunci când o mașină este împinsă, important este să fie învinsă rezistența la rulare. Deci, cu cât este mai mică rezistența la rulare a anvelopelor, cu atât mașina va rula mai ușor.

Persons: Jussi, Matti Morri Organizations: Nokia, Saab, Technical

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