21.01.2026
Finland to become a European hub for bicycle tyre manufacturing
DMACK Nordic strengthens ownership base and increases investments in Lieksa
Bicycle tyre manufacturer DMACK Nordic Oy has acquired ownership of the former Lieksa Tyres factory and is developing it into a European centre for bicycle tyre manufacturing. The company aims to increase production fivefold to 500,000 bicycle tyres by 2030. To support its growth, DMACK Nordic has welcomed new Finnish investors into the company.
DMACK Nordic Oy is increasing its investments and production in Lieksa. The company has acquired the former Lieksa Tyres factory and invested in modernising production as well as in new tyre-building machinery. The factory is currently Finland’s only bicycle tyre manufacturing facility.
“Our goal is to build a European hub for bicycle tyre production in Lieksa. Finland offers unique conditions for this: committed personnel, strong expertise, and long industrial traditions,” says Dick Cormack, majority owner and CEO of DMACK Nordic.
Lieksa has a historically significant role in the global tyre industry. The factory was inaugurated by President Urho Kekkonen in 1974 and, at its peak, was one of the world’s largest bicycle tyre factories, producing over one million tyres annually. The current ambition is to restore the Lieksa factory to the international forefront.
“We are pleased that industrial production will continue at the site and that both employment and production volumes are increasing. This is an excellent example of how specialised expertise can be used to create successful export products in a border region,” says Pirre Seppänen, Mayor of Lieksa.
World-class tyre expertise for demanding conditions
British Dick Cormack has extensive international experience in tyre development and manufacturing, having previously served as an official tyre supplier in the FIA World Rally Championship. This top-level motorsport expertise is now being applied to bicycle tyres, particularly studded winter tyres and tyres for cargo bikes.
Suomi Tyres bicycle tyres are manufactured in Lieksa and designed specifically for northern conditions. All tyres produced at the factory comply with upcoming EU sustainability requirements, including the EU Deforestation Regulation (EUDR).
Growth, profitability and new investors
DMACK Nordic’s business is growing profitably. The company’s revenue was approximately €3 million in the previous financial year, and the result was positive. Production volumes are also increasing, with current annual production at approximately 150,000 tyres as new machinery and processes are implemented. The goal is to produce half a million bicycle tyres by 2030.
To support continued growth, new Finnish investors have joined the company and together now own 24% of DMACK Nordic Oy. Investors Lasse Heinonen, Olavi Huhtala, Jarkko Veijalainen, Pekka Pajamo and JP Virtanen are experienced business leaders with strong backgrounds in industry, finance and international growth.
“We want to invest in growth in Finland. World-class bicycle tyres are made in Lieksa, and the market is growing especially in e-bikes and cargo bikes. This demonstrates that profitable, production-based international business can be built in Finland,” the investors comment.
At present, DMACK Nordic’s main market for bicycle tyres is the Nordic region, where Shimano Nordic acts as the exclusive distributor of Suomi Tyres studded tyres.
“Suomi Tyres’ local production is a strong example of sustainability. While many competitors ship their tyres from Asia, Suomi Tyres reduces its carbon footprint by keeping production close to home. We are proud of this partnership and of delivering sustainable solutions for Nordic customers,” says Andrew Cowan, Managing Director of Shimano Nordic.
The next phase of growth is expansion into the rest of Europe and North America. The outlook for the future is strong, as growth in the bicycle market is driven by factors such as transport electrification and the EU’s tightening emissions and climate targets.
Further information and interviews:
Marjo Hellman
marjo@hellmanco.com
+358 44 976 4456
Dick Cormack, CEO
dick.cormack@dmacktires.com