Nokian Heavy Tyres to adjust production to reflect weaker demand

ERJ staff report (LMH)

Nokia, Finland - Nokian Tyres said it is to adjust the production output of Nokian Heavy Tyres to reflect a weaker demand. The order book for heavy tyres has decreased and demand estimates for 2012 have weakened.

The preliminary plan is to change the working pattern of the heavy tyre production to a discontinued five-day three-shift model, and to reduce the work input of approximately 100 factory employees and 15 white-collar officials with lay-offs and possibly with personnel cuts. The production adjustments are estimated to start in January-February 2012 and to continue until further notice.

The statutory negotiations related to the matters mentioned above will be started according to the law in Finland. Negotiations will concern the whole personnel of Nokian Heavy Tyres, i.e. a total of approximately 260 people.

In Nokian Car Tyres the order book is strong with no signs of weakening. Nokian Tyres plc retains the financial guidance from 4 November: In 2011, the company is positioned to provide strong sales growth and to improve operating profit significantly compared to 2010.

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Press release from Nokian Tyres