Nokian Tyres to strengthen its position in Eastern Europe
NOKIAN TYRES TO STRENGTHEN ITS POSITION IN EASTERN EUROPE
Nokian Tyres has acquired its importer and a tyre wholesaler Andel Export-Import spol s.r.o in the Czech Republic. The agreement was signed February 7, 2005. The acquisition enables Nokian Tyres to concentrate its Eastern and Western European logistics operations in Prague. The company aims at getting a stronger foothold in the rapidly growing East European winter tyre markets.
Andel Export-Import’s net sales in 2003 were approximately EUR 3,4 million and the company employs some 11 people in Prague and Jihlav. Thanks to the sales of Nokian branded tyres, Andel has made good profit with the sales increase outperforming the market growth.
- The acquisition ensures the sales growth for Nokian branded tyres in a strategically important and fast growing Eastern European markets. We will get the control of the whole logistics chain and a very healthy company, says Mr. Kim Gran, President and CEO of Nokian Tyres.
Nokian Tyres plc
Vice President, Communications and Investor Relations
Further information: Mr. Kim Gran, President and CEO, tel.
+358 3 340 7336.
Distribution: OMX and major media