Nokian Tyres to strengthen its position in the USA
Nokian Tyres plc
Press release 29.9.2005
NOKIAN TYRES TO STRENGTHEN ITS POSITION IN THE USA
Nokian Tyres has purchased University Wholesalers Inc and University Wholesalers of New York in the North America in order to strengthen its wholesales and logistics in the strategically important North American winter tyre markets. The purchase agreement was signed 28th of September, 2005. The seller was Mr. Bob Hepp and the management of the companies.
University Wholesalers operate as tyre wholesalers in the USA and they have had an important role as distributors of Nokian Tyres brand. The total net sales of the companies in 2004 were approximately USD 40 million and they employed some 40 people.
- The acquisition enables us to strengthen our sales organisation and to ensure the increase of our winter tyre sales in the North American Snow Belt area where we already have gained a strong foothold, says Mr. Kim Gran, CEO and President of Nokian Tyres.
University Wholesalers’ net sales and profits from the last quarter of the year 2005 will be consolidated into Nokian Tyres’ figures.
Mr. Kim Gran, CEO and President, tel. +358 3 340 7336
or Mr. Rami Helminen, CFO, tel. +358 3 340 7463.
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