Nokian completes sale of bicycle tire business

NOKIA, Finland (Dec. 2)–Nokian Tyres P.L.C. has completed the sale of its bicycle tire business to another Finnish rubber product maker.

Suomen Rengastehdas Oy, a subsidiary of Suomen Kumitehdas Oy, bought the business, including the factory in Lieksa, Finland, for $4.8 million. The buyer also will take over making heavy inner tubes for Nokian and provide contract manufacturing services in this area, Nokian said.

The bicycle tire business generated sales of nearly $6 million and operating profits of $535,000. The unit produced 784,000 bicycle tires in 2003….

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