The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Manufacturing Manufacture Of Rubber And Plastic Products And Other Non-Metallic Mineral Products Manufacture Of Rubber And Plastic Products 22.11 - Manufacture of rubber tyres and tubes; retreading and rebuilding of rubber tyres
550 jobs Number of planned job creations
Announcement Date
6 June 2023
Employment effect (start)
6 June 2023
Foreseen end date
31 December 2023
Description
Nokian Tyres, a Finish manufacturer of tyres for cars, trucks, buses, and heavy-duty equipment has started the construction works of a tyre production plant in Oradea (Bihor County). Nokian Tyres has started recruiting future employees for the new factory in Oradea, shortly after the start of construction. 550 new persons will be hired by the end of 2023. The investment is estimated at €650 million, of which €100 million is state aid. The company announced that the plant will have a production capacity of 6 million tyres. The first tyres will be produced at the end of 2024, with mass production starting in 2025.
According to company representatives, Nokian Tyres will export up to 90% of the tyres produced at the Oradea plant mainly in Europe. However, the company's CEO also declared that some of the company products will be exported to the US.
According to a document published by the Ministry of Finance, Nokian Tyres' objectives in Romania include the development of the local economy and the welfare of the local community, by paying employees above the average wage in the region. Thus, the average gross salary in the Nokian Tyres plant will be €2,070 per month, higher than the average gross salary at national level reported in August 2022 (€1,229 per month). Nokian Tyres currently manufactures passenger car tyres at two plants in Nokia, Finland and Dayton, USA. The Romanian plant will be the company's third production facility.
In addition to building this new car tyre plant in Oradea, Nokian Tyres continues to expand capacity at its existing plants in Finland and the USA and to increase contracted production to third parties. The company aims to reach a global capacity of 15 million tyres by 2027.
Update, 28 September 2023 The company announced that the hiring process has started.
Eurofound (2023), Nokian Tyres, Business expansion in Romania, factsheet number 109193, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/109193.
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