Nokian Tyres completes employee cooperation negotiations in Finland

Nokian Tyres plc Company Release October 23, 2019 at 1:00 p.m.

The employee cooperation negotiations concerning employees in passenger car tire production and maintenance as well as production-related test activities at Nokian Tyres’ Finnish factory ended today. As a result, 41 employees will be made redundant. Of these, 11 employments will terminate through retirement and other agreed arrangements. Temporary lay-offs will continue during the remainder of the year, and up to a maximum of 90 days in 2020. Relocations inside the group are still under evaluation, which may decrease the total amount of reductions.

Employee cooperation negotiations concerned a total of 500 people. The background for these activities is the weakened car and tire markets.

The company will offer support to the persons to be made redundant through personalized outplacement coaching and training.

Nokian Tyres will continue to invest in and develop the factory in Finland. A high-performing factory is vital for the product and process development, which enable Nokian Tyres to keep producing premium tires in Finland and ensure the company’s competitiveness.

Nokian Tyres plc

Päivi Antola
SVP, Corporate Communications and Investor Relations

Further information:

Esa Eronen, SVP, Supply Chain and Sustainability, tel. +358 10 401 7281

Nokian Tyres develops and manufactures premium tires for people who value safety and sustainability. Inspired by our Scandinavian heritage, we craft innovative products for passenger cars, trucks and heavy machinery that give you peace of mind in all driving conditions. Our Vianor chain provides tire and car services. In 2018, the company’s net sales were EUR 1.6 billion and it employed some 4,800 people. Nokian Tyres is listed on Nasdaq Helsinki. Further information: www.nokiantyres.com