On July 31, Nokian Tyres announced that it had signed a 150 million euro loan agreement with the European Investment Bank to promote sustainable tire manufacturing.
The eight-year loan will support Nokian Tyres' strategic investment project in Romania, where the company is building the world's first zero CO2 tire factory.
As one of the tire industry's leaders in sustainable development, Nokian Tyres is continuously developing in various areas of sustainable development. The loan agreement aims to further enhance the sustainability of Nokian Tyres' operations by financing advanced tire manufacturing technologies at a new production facility in Romania.
Leena Kaipainen, Group Vice President of Finance, said the company's plant in Romania is making history and the zero CO2 emission tire factory will become an industry benchmark, achieving sustainable development with a holistic approach, including the use of only CO2-free energy, as well as energy-saving and highly automated processes.
According to relevant reports, on July 1, Nokian Tyres announced that the first tire rolled off the production line at its new passenger car tire factory in Oradea, Romania.
It is reported that Nokian Tyres is also working with UPM Biochemicals to launch an industry-first concept tire - the tire material is partly based on UPM BioMotion™ renewable functional filler (RFF).
Specifically, the functional filler of this tire accounts for about 30%, which is mainly composed of materials such as carbon black and precipitated silica (white carbon black). According to a series of initial tests by Nokian Tyres, replacing conventional fillers with UPM BioMotion RFF offers great potential for more sustainable tires and will help promote sustainable development in the transportation sector.
Recently, Nokian Tyres reported sales of 561.2 million euros in the first half of 2024, an increase of 6.8% over the same period last year. Earnings expressed as "segment operating profit" amounted to EUR 5 million.
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