Mon March 9 09:27 am 2009 in category Stock exchange releases
Nokian Tyres plc Stock Exchange Release

Statutory negotations at Nokian Heavy Tyres ended

The statutory negotiations at Nokian Heavy Tyres Ltd ended on March 9, 2009. The results of the negotiations were to cut personnel by 4 office employees and 29 factory employees. Part of the personnel cuts will be carried out through pension arrangements. Adjustment measures will also include temporary lay-offs for all personnel and factory stoppages as needed. In addition, 34 factory employees will be laid off until further notice.

Costs will be reduced and operations re-organized in line with solutions which have been mutually agreed with the personnel. The working model of the heavy tyre production will change to discontinued three-shift/five days operations.

The reason for the adjustment measures is the decreased heavy tyre demand caused by the global recession, which has created the need to adjust production in line with the lower demand.

After these measures Nokian Heavy Tyres Ltd has approximately 240 employees.

Nokian Tyres plc

Raila Hietala-Hellman
Vice President, Corporate Communications

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

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