Nokia is most known in the world because of the phones that carry its name and networking business that is connecting the world. At some point in its 155 years long history, Nokia had eleven groups of businesses within the company but then in turn to become a telecom-oriented company. Eventually they got rid of many divisions of which, one was the Nokian Tyres. Nokian Tyres, after separating from Nokia in 1988 was still able to create its path and now it is known for its specialized winter tires.
Solidium Oy, a Finnish government-owned company recently increased its stake in Nokian Tyres from 5% to 6.2%. Which, in result shot the shares of Nokian Tyres up by more than 15%. Solidium’s chief executive Antti Makinen said that they found the share price attractive. While to contain the spread of COVID-19, Nokian Tyres also had to close its production and operations in its three factories in Finland, Russia and the US.
Solidium is also linked to the Nokia telecoms company. This year Solidium has also raised its stake in Nokia from 3.85% to 4.2%. It’s always expected from a country’s government that it should support the domestic companies and as Solidium is doing that, it is staying true to its mission to secure Finland’s national interests by investing in strategic Finnish companies.