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Nokian Heavy Tyres to start new statutory negotiations in order to adjust production

Tue January 20 03:04 pm 2009 in category Stock exchange releases
Nokian Tyres plc Stock Exchange Release 20.1.2009 at 3.00 pm

NOKIAN HEAVY TYRES TO START NEW STATUTORY NEGOTIATIONS IN ORDER TO ADJUST PRODUCTION



Nokian Heavy Tyres Ltd will today start new statutory negotiations in order to adjust heavy tyre production and inventories in line with the declined heavy tyre demand.

The agenda of the negotiations includes a plan to change the working pattern of the heavy tyre production to the discontinued five days model and to re-organize operations. The statutory negotiations will concern the whole personnel of Nokian Heavy Tyres and also all personnel groups, i.e. a total of approx. 280 people.

The production adjustments and re-organizing of operations would cause a need to cut personnel by approx. 50 people and to lay off approx. 230 people either until further notice or for certain periods. Part of the adjustments could be executed by pension arrangements or other voluntary solutions.


Nokian Tyres plc

Raila Hietala-Hellman
Vice President, Corporate Communications

Further information: Mr. Jarmo Puputti, Managing Director Nokian Heavy Tyres Ltd, tel. +358 10 401 7995

Distribution: NASDAQ OMX, key media and www.nokiantyres.com