Nokian predicts higher raw material costs

ERJ staff report (DS)

Tampere, Finland -- Nokian Tyres will later today tell shareholders that its raw material cost (EUR/kg) in 2010 will increase by 10-12% compared to 2009 (previous estimate was 6%) due to significantly increasing raw material prices. This will affect Nokian Tyres' results in the second half of the year.

The company is increasing prices in June and improving mix in order to compensate for the cost increase, despite what it describes as, "a challenging pricing environment."

Nokian Tyres' shareholder meeting takes place at 4pm local time today in the Tampere Hall, Tampere, Finland.

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Press release from Nokian