Russian subsidiary of Nokian Tyres submits proposal to continue operating

Nokian Tyres' Russian subsidiary on Wednesday said its plant in Vsevolozhsk in the Leningrad region may continue operating, one day after its Finnish parent company had said it would initiate a "controlled exit" from the Russian market. CEO of the Russian unit Andrei Pantyukhov said the local company had submitted a proposal to the board of directors that would allow it to continue autonomous operations in Russia.

"The board of directors may also look at other potential solutions as part of a controlled exit from the market," he said in a statement.