Investments and acquisitions
Investments in 2020 amounted to EUR 149.9 million (290.1). This includes construction of the new US factory and the test center in Spain, and production investments in Heavy Tyres. Strategic projects proceeded in line with the plan with some delays due to COVID-19. Commercial tire production began in the US factory in January 2020. The test center in Spain will be completed during the first half of 2021. Depreciations and amortizations totaled EUR 131.1 million (125.2). Impairments were EUR 24.9 million (0.0).
In August 1, 2019, Nokian Heavy Tyres Ltd. acquired Levypyörä Oy, a Finnish heavy equipment wheel company, with annual net sales of approximately EUR 18 million, of which approximately 30% has been sales to Nokian Tyres. The acquisition had no material impact on Nokian Tyres operating profit in 2019. Read more about the acquisition.