Statutory negotiations at Nokian Heavy Tyres Ltd ended

Fri December 19 12:01 pm 2008 in category Stock exchange releases
Nokian Tyres plc Stock Exchange Release 19.12.2008 at 12 am

Statutory negotiations at Nokian Heavy Tyres Ltd ended

The statutory negotiations at Nokian Heavy Tyres ended on the 19th of December, 2008 with the decision to lay off the employees for approx. six months. The reason for the lay-offs is the decreased heavy tyre demand caused by the financial crisis, which has created the need to adjust production in line with the lower demand.

The decision concerns approx. 280 employees and all personnel groups at Nokian Heavy Tyres. Depending on the job, the lay-offs will last from 10 to 100 days, which corresponds the lay-off of approx. 90 employees for six months. The majority of lay-offs will be carried out 7.1.2009-18.6.2009. Part of the adjustment needs will be executed by pension arrangements.

The walkout of Nokian Heavy Tyres production personnel which started on Thursday, December 18, 2008 has ended today December 19, 2008 at 10.30 a.m.

Nokian Tyres plc

Raila Hietala-Hellman
Vice President, Corporate Communications

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

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