Nokian Tires secures nearly EUR 100 million from EU for Romanian factory development

The tire manufacturer Nokian Tires received a state aid of almost EUR 100 million from the European Commission, for the development of the factory in Romania. The aid will support the establishment in Oradea of a new factory with zero carbon dioxide emissions for the production of car tires.

The investment is estimated at approximately EUR 650 million. The unit will create around 500 direct jobs, as well as other indirect jobs.

Construction of the tire factory, which will be the world's first zero CO2 production facility, began in May 2023. Upon completion, the factory will produce approximately 6 million tires per year, with potential for future expansion.

Recently, the tire manufacturer also attracted a financing of EUR 150 million from the European Investment Bank. In this case it is an eight-year loan.