Russian subsidiary of Nokian Tyres submits proposal to continue operating

(Reuters) – 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.

(Reporting by Reuters)