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Decision to lay off Nokian Tyres' Nokia factory employees at the turn of the year

Wed November 19 12:01 pm 2008 in category Stock exchange releases
Nokian Tyres plc Stock Exchange Release 19.11.2008 at 12.00


DECISION TO LAY OFF NOKIAN TYRES’ NOKIA FACTORY EMPLOYEES AT THE TURN OF THE YEAR

The statutory negotiations concerning the lay-offs of the Nokian Tyres employees at the Nokia factory in Finland ended on the 19th of November, 2008. The company decided after the negotiations to lay off its personnel for 10 days. The majority of the personnel will be laid off 21.12.2008-11.1.2009.

Negotiations concerning other production adjustment measures at Nokian car and van tyre factory are continuing. The aim is to adjust operations mainly through natural exits such as pension plans. Also the negotiations to adjust Nokian Heavy Tyre production are continuing.

The reason for adjustments is the financial crisis that has created the need to adjust the production in line with demand.


Nokian Tyres plc
Raila Hietala-Hellman
Vice President, Corporate communications


Further information: Mr. Kim Gran, President and CEO, tel. +358 10 401 7336.

Distribution: NASDAQ OMX and major media