Nokian Tyres plc is entering into employee cooperation negotiations on planned temporary lay-offs based on the impacts of COVID-19

Nokian Tyres plc Company Release March 18, 2020, at 3:55 p.m.

Nokian Tyres plc is entering into employee cooperation negotiations on planned temporary lay-offs affecting Nokian Tyres plc personnel based in Finland. The background for these activities is the decrease in the demand in the European car and tire market, which is due to the COVID-19 outbreak. According to our assessment, the mobility limitations caused by the COVID-19 situation also affect the amount of work in certain functions.

The employee cooperation negotiations concern all personnel based in Finland at Nokian Tyres plc, Nokian Heavy Tyres ltd, Vianor Holding Oy and Vianor Oy. The employee cooperation negotiations have already been concluded in Levypyörä Oy and NT Tyre Machinery Oy.

The negotiations concern approximately 1,630 people. The plan is to achieve the necessary level of adjustment by using temporary lay-offs of at most 90 days per employee. The exact number of people being temporarily laid off, and the duration and form of the temporary lay-offs will be determined during the course of the negotiations.

The negotiations will begin on March 18, 2020, and last for two weeks, unless agreed otherwise in said negotiations.

Nokian Tyres plc

Päivi Antola
SVP, Corporate Communications and Investor Relations

Further information:
Esa Eronen, SVP, Supply Operations, 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 2019, the company’s net sales were EUR 1.6 billion and it employed some 4,700 people. Nokian Tyres is listed on Nasdaq Helsinki. Further information: www.nokiantyres.com