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Fri October 6 12:00 am 2000 in category Stock exchange releases
Nokian Tyres plc Stock Exchange Bulletin Oct.6,2000 11.45 am

NOKIAN TYRES PLC AND MICHELIN GROUP SIGNED TWO MANUFACTURING AGREEMENTS



Nokian Tyres plc and Michelin Group signed yesterday two manufacturing agreements concerning the manufacturing of Nokian branded agricultural and industrial tyres as well as truck tyres at Michelin factories. The agreements are valid for three years and they will be confirmed yearly thereafter.

Test manufacturing of agricultural and industrial tyres has already started at Michelin's factory in Poland, and the target is to start the sales during the year 2000. Major part of these tyres have earlier been manufactured in Romania. The share of these tyres has been 3-4% of Nokian Heavy Tyre's net sales during the last few years.

The actions to start manufacturing of Nokian branded truck tyres have also been started, and the first tyres will be manufactured in the beginning of the year 2001 at Michelin's new truck tyre factory in Poland. The share of truck tyres has been approximately 15% of Nokian Heavy Tyres' net sales.

- Off-take co-operation with Michelin gives Nokian Tyres possibilities to increase the sales of the tyres in question, to widen the product range and to significantly improve customer service. In addition, Nokian Tyres is able to focus on core products in its own production and to improve productivity, says Mr. Kim Gran, President and CEO of Nokian Tyres.

Nokian Tyres plc

Raila Hietala-Hellman
Vice President, Public Information

Further information:

Mr. Kim Gran, President and CEO of Nokian Tyres, tel. +358 3 340 7336.

Distribution: HEX and major media