Nokian Tyres to adjust production output
Nokian Tyres plc Stock Exchange Release 17 September 2014, 1:00 p.m.
Nokian Tyres to adjust production output
Nokian Tyres will start statutory negotiations on 25 September 2014 at its Nokia car tyre production plant to adjust the production to meet the market situation. With the negotiations the company aims to adjust the utilization of the production capacity and create cost savings.
The agenda of the negotiations includes planned production downtime, possible changes in shift manning, and productivity improvement measures. The possible adjustments have been planned to be done mainly with temporary layoffs during end of 2014 and 2015. The negotiations concern approximately 570 workers and staff in production, maintenance and quality departments at Nokia plant. Possible personnel cuts will amount to a maximum of 9 persons.
Nokian Tyres downgraded already in April its financial outlook for 2014, due to the weakened economic outlook in Russia and CIS countries, and estimates for car and car tyre sales have continued to decline in these areas. The company continues to estimate sales growth in its western markets in 2014.
Nokian Tyres plc
Antti-Jussi Tähtinen
Vice President, Marketing and Communications
Further information: Mr. Esa Eronen, VP Production Technology, tel: +358 500 730 864
Distribution: NASDAQ OMX Helsinki, media and www.nokiantyres.com
Nokian Tyres is the only tyre manufacturer in the world that focuses on customer needs in northern conditions. The company supplies innovative tyres for cars, trucks and special heavy machinery mainly in areas with special challenges on tyre performance: snow, forests and harsh driving conditions in different seasons. Nokian Tyres’ product development is consistently aiming for sustainable solutions for safety and the environment, taking into account the whole life cycle of the tyre. A part of the Nokian Tyres group, the tyre chain Vianor has 1,260 outlets in 27 countries. In 2013 Nokian Tyres had over 4,000 employees and net sales of 1,5 billion euros. Nokian Tyres’ share is listed on the NASDAQ OMX Helsinki. Further information: www.nokiantyres.com