European bank syndicate to finance Nokian’s Russia plant

LONDON (Oct. 12)–Nokian Tyres P.L.C. has negotiated a nine-year, $62 million loan with the European Bank for Reconstruction and Development and a syndicate of international banks to help it finance the construction of its plant near St. Petersburg, Russia.

Nokian earlier had disclosed a budget of $63.5 million for the factory in Vsevolozhsk, Russia, which it expects will be producing tires by next year. The 226,000-sq.-ft. facility should produce 1.5 million passenger tires in its first full year of production and grow steadily to 4 million…

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