Nokian Tyres expands its contract manufacturing in Slovakia
Mon November 8 08:45 am 2004 in category Stock exchange releases
NOKIAN TYRES EXPANDS ITS CONTRACT MANUFACTURING IN SLOVAKIA
Nokian Tyres plc and Matador AS will expand their co-operation. Nokian Tyres plc and Matador signed an agreement on 5 November, according to which Nokian Tyres will expand its contract manufacturing of passenger car tyres in Matador’s plant in Slovakia.
In conjunction with this, Nokian Tyres and Matador also signed an agreement on machinery acquisition. Nokian Tyres will purchase new machines for approx 3 million euros in order to secure the production capacity at Matador’s tyre plant.
The objective is to increase the present production of 300,000 tyres to 500,000 tyres in 2005 and to gradually increase the volume to 1.0 million tyres.
The tyres to be manufactured will mainly cover Nokian-branded passenger car tyres intended primarily for the Central European markets.
The contract manufacturing agreement will be valid until the end of 2009 and after that renewed for one year at a time. The new contract manufacturing agreement replaces the earlier agreement signed in January 2003.
Nokian Tyres and Matador have been co-operating in contract manufacturing since 2003.
Nokian Tyres plc
Raila Hietala-Hellman
Vice President, Communications and IR
For further information, please contact: Mr Kim Gran, President and CEO, tel. +358 3 340 7336.
Distribution: OMX and the key media
Nokian Tyres plc and Matador AS will expand their co-operation. Nokian Tyres plc and Matador signed an agreement on 5 November, according to which Nokian Tyres will expand its contract manufacturing of passenger car tyres in Matador’s plant in Slovakia.
In conjunction with this, Nokian Tyres and Matador also signed an agreement on machinery acquisition. Nokian Tyres will purchase new machines for approx 3 million euros in order to secure the production capacity at Matador’s tyre plant.
The objective is to increase the present production of 300,000 tyres to 500,000 tyres in 2005 and to gradually increase the volume to 1.0 million tyres.
The tyres to be manufactured will mainly cover Nokian-branded passenger car tyres intended primarily for the Central European markets.
The contract manufacturing agreement will be valid until the end of 2009 and after that renewed for one year at a time. The new contract manufacturing agreement replaces the earlier agreement signed in January 2003.
Nokian Tyres and Matador have been co-operating in contract manufacturing since 2003.
Nokian Tyres plc
Raila Hietala-Hellman
Vice President, Communications and IR
For further information, please contact: Mr Kim Gran, President and CEO, tel. +358 3 340 7336.
Distribution: OMX and the key media