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Statutory negotiations at Nokian Car and Van tyres ended

Tue January 20 03:13 pm 2009 in category Stock exchange releases
Nokian Tyres plc Stock Exchange Release 20.1.2009 at 3.10 pm

STATUTORY NEGOTIATIONS AT NOKIAN CAR AND VAN TYRES ENDED



The statutory negotiations at Nokian Car and Van tyres ended today. The results of the negotiations were to cut personnel by a total of 232 people, of which pension arrangements will cover 106 people. Adjustment measures will also include lay-offs for varying periods of time. Costs will be reduced and operations re-organized in line with solutions which have been mutually agreed with the personnel.

Nokian Car and Van tyre production will be adjusted by the lay-offs of a total of 440 people in 110 lots in nine week cycles until demand improves. In addition 62 people will be laid off until further notice. The personnel cuts and lay-offs concern all personnel groups.

The working model of the car and van tyre production will change from the current continuous three-shift/seven days work to the discontinued three-shift/five days operations. The annual production capacity at the Nokia factory will as a result decrease from the current approx. 6 million tyres to approx. 4 million tyres in 2009.


Nokian Tyres plc

Raila Hietala-Hellman
Vice President, Corporate Communications


Further information: Mr. Kim Gran, President and CEO,
tel. +358 10 401 7336



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