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Finland's Nokian Tyres Plc to build factory in Kazakhstan(Nordic Business Report Via Thomson Dialog NewsEdge) Finnish tyre manufacturer Nokian Tyres Plc said on Friday (19 October) that it has signed an agreement with the Kazakhstanian multi-industrial company Ordabasy Corporation JSC in order to build a greenfield passenger car tyre factory in Kazakhstan. The new factory will be a joint venture company called Ordabasy - Nokian Tyres JSC, the company said. According to the agreement Nokian Tyres will provide the joint-venture company with the know-how and expertise needed to build a tyre factory and to produce tyres. The products will be sold in Kazakhstan, as well in Central-Asia, Russia and Eastern Europe. Nokian Tyres' share of the joint-venture company will be 10%, with an option to increase its ownership to a minimum of 50%. The total investment will be approximately EUR160m, financed through equity of approximately 40m and external loans. Nokian Tyres, headquartered in Nokia, Finland, is a tyre manufacturer in the Nordic countries. Nokian Tyres also runs the Vianor tyre chain with more than 200 outlets across Finland, Sweden, Norway, Estonia, Latvia and Russia. Nokian Tyres is listed on the Nordic Exchange in Helsinki. One British pound (GBP) is worth approximately 1.43 euros (EUR). ((Comments on this story may be sent to [email protected])) Copyright 2007 M2 Communications Ltd. |