Wed September 17 01:00 pm 2014 in category Stock exchange releases
Nokian Tyres plc Stock Exchange Release 17 September 2014, 1:00 p.m.
Nokian Tyres to adjust production output
Nokian Tyres will start statutory negotiations on 25 September 2014 at its Nokia car tyre production plant to adjust the production to meet the market situation. With the negotiations the company aims to adjust the utilization of the production capacity and create cost savings.
The agenda of the negotiations includes planned production downtime, possible changes in shift manning, and productivity improvement measures. The possible adjustments have been planned to be done mainly with temporary layoffs during end of 2014 and 2015. The negotiations concern approximately 570 workers and staff in production, maintenance and quality departments at Nokia plant. Possible personnel cuts will amount to a maximum of 9 persons.
Nokian Tyres downgraded already in April its financial outlook for 2014, due to the weakened economic outlook in Russia and CIS countries, and estimates for car and car tyre sales have continued to decline in these areas. The company continues to estimate sales growth in its western markets in 2014.
Nokian Tyres plc
Vice President, Marketing and Communications
Further information: Mr. Esa Eronen, VP Production Technology, tel: +358 500 730 864
Distribution: NASDAQ OMX Helsinki, media and www.nokiantyres.com