Key Stats
Founded: 1898 (as Finnish Rubber Works)
Headquarters: Nokia, Finland
2024 Revenue: EUR 1.3 billion
Employees: Approximately 3,800
Stock Exchange: Nasdaq Helsinki (TYRES.HE)
Nokian Renkaat Oyj, trading as Nokian Tyres, is a Finnish tire manufacturer headquartered in Nokia, Finland. The company produces summer, winter, and all-season tires for passenger cars, SUVs, vans, trucks, and heavy machinery.
Nokian Tyres invented the world’s first winter tire in 1934. The company operates through four business segments: Passenger Car Tires, Heavy Tires, Vianor tire service chain, and other operations including retreading.
Manufacturing facilities are located in Finland, the United States (Dayton, Tennessee), and Romania (Oradea). Nokian Tyres owns the only permanent winter tire testing facility in the world at Ivalo in Finnish Lapland, north of the Arctic Circle.
Nokian Tyres History
1898
Suomen Gummitehdas Oy (Finnish Rubber Works) founded in Helsinki by Eduard Polón and a group of Finnish businessmen. The company produced galoshes and technical rubber products.
1904
Factory relocated to the town of Nokia, Finland, taking advantage of the hydroelectric power from the Nokianvirta River.
1932
Car tire production began at the Nokia factory, marking the company’s entry into the automotive tire market.
1934
The world’s first winter tire, the Kelirengas (Weather Tire), was produced for trucks. This invention established the company as a pioneer in winter tire technology.
1936
Launch of the Hakkapeliitta winter tire brand, named after Finnish light cavalry soldiers from the 17th century. The brand remains Nokian Tyres’ flagship product.
1967
Finnish Rubber Works merged with Kaapelitehdas (Cable Company) and Nokia Aktiebolag to form Nokia Corporation, with Rubber, Cable, and Paper divisions.
1988
Nokian Tyres Limited established as a joint-venture company, separating from Nokia Corporation as the parent company shifted focus to telecommunications.
1995
Nokian Tyres plc shares began trading on the Helsinki Stock Exchange (now Nasdaq Helsinki).
2019
Nokian Tyres opened its first US manufacturing facility in Dayton, Tennessee, expanding production capacity in North America.
2024
The world’s first zero-CO2-emissions tire factory opened in Oradea, Romania, with commercial production beginning in 2025.
Nokian Tyres Co-founders
Eduard Polón
Finnish businessman who led the establishment of Suomen Gummitehdas Oy in 1898. Polón later became a key figure in the 1922 partnership that eventually formed Nokia Corporation.
Note: Suomen Gummitehdas Oy was established by a group of Finnish businessmen. Eduard Polón is the most documented founding figure, though detailed records of all original founders are limited.
Nokian Tyres Competitors
Nokian Tyres competes in the global tire market against manufacturers ranging from multinational giants to regional specialists. The company differentiates itself through winter tire expertise and premium positioning in Nordic and North American markets.
| Company | Headquarters | Founded |
|---|---|---|
| Bridgestone | Tokyo, Japan | 1931 |
| Michelin | Clermont-Ferrand, France | 1889 |
| Goodyear | Akron, Ohio, USA | 1898 |
| Continental | Hanover, Germany | 1871 |
| Pirelli | Milan, Italy | 1872 |
| Hankook | Seoul, South Korea | 1941 |
| Yokohama | Tokyo, Japan | 1917 |
| Toyo Tire | Osaka, Japan | 1945 |
| Cooper Tire | Findlay, Ohio, USA | 1914 |
| Kumho Tire | Seoul, South Korea | 1960 |
Nokian Tyres Revenue
Nokian Tyres generated EUR 1.3 billion in net sales during 2024. The company’s revenue peaked in 2021 at approximately USD 1.98 billion before declining following its exit from Russian operations in 2023.
Annual Revenue (USD Billions)
Nokian Tyres Acquisitions
Nokian Tyres has pursued a focused acquisition strategy, primarily expanding its retail and heavy equipment tire capabilities rather than acquiring competing tire manufacturers. The company’s M&A activity has been modest compared to industry giants like Bridgestone, which acquired Firestone in 1988.
In August 2019, Nokian Heavy Tyres Ltd. acquired Levypyörä Oy, a Finnish heavy equipment wheel company. Levypyörä generated annual net sales of approximately EUR 18 million at the time of acquisition, with roughly 30 percent of those sales going to Nokian Tyres. This vertical integration strengthened Nokian’s position in the heavy machinery tire segment.
The company has also expanded organically through its Vianor retail chain. Launched in Finland and Estonia between 1999 and 2000, Vianor grew to become the largest tire franchise in the Nordic countries. By 2012, the chain had expanded to Serbia, France, and Bosnia and Herzegovina.
In August 2020, Nokian Tyres divested its Vianor US network, selling ten service centers to American retailer Gills Point S Tire. This divestment allowed the company to focus on wholesale distribution and authorized dealer networks in North America.
The most significant recent divestment came in March 2023 when Nokian Tyres completed the sale of its Russian operations for EUR 285 million. The Russian factory in Vsevolozhsk near St. Petersburg had operated since 2005 and was sold to Tatneft following Russia’s invasion of Ukraine.
Nokian Tyres Market Cap
Nokian Tyres has a market capitalization of approximately USD 1.74 billion as of early 2026. The company’s valuation peaked at over USD 5 billion in 2021 before declining sharply following its exit from Russian operations.
Year-End Market Cap (USD Billions)
FAQs
When was Nokian Tyres founded?
Nokian Tyres traces its roots to 1898 when Suomen Gummitehdas Oy (Finnish Rubber Works) was founded in Helsinki. The company became Nokian Tyres Limited in 1988 when it separated from Nokia Corporation.
What is Nokian Tyres best known for?
Nokian Tyres invented the world’s first winter tire in 1934 and is recognized for its Hakkapeliitta winter tire brand. The company operates the world’s only permanent winter tire testing facility in Ivalo, Finland.
Where are Nokian Tyres manufactured?
Nokian Tyres operates manufacturing facilities in Nokia, Finland, Dayton, Tennessee (USA), and Oradea, Romania. The Romanian factory opened in 2024 as the tire industry’s first zero-CO2-emissions production facility.
Who owns Nokian Tyres?
Nokian Tyres is a publicly traded company on Nasdaq Helsinki. The largest shareholder is Solidium Oy, a holding company wholly owned by the State of Finland, with approximately 10 percent ownership.
Is Nokian Tyres related to Nokia Corporation?
Nokian Tyres separated from Nokia Corporation in 1988. Nokia ended its ownership in 2003 by selling its shares to Bridgestone Europe. Both companies share historical roots in the Finnish town of Nokia.
