Finland’s Nokian Tyres says that its large investment phase is now over and, following revisions to the company’s mid-term strategy, the goal is now to “fully benefit” from these investments. The company aims for organic growth ahead of the market and increasing market share in all key regions, with a target to achieve net sales of 2 billion euros in the mid-term.
The difference a year can make. Almost 12 months to the day after reporting an operating loss of 13.7 million euros for the first half of 2020, Nokian Tyres has announced achieving an operating profit of 126.1 million in the six months to 30 June 2021 with an earnings per share of 0.72 euros. It achieved this result on the back of net sales that were up 37.7 per cent year-on-year to 758.0 million euros. Nokian Tyres notes that when looking at comparable currencies, net sales increased by 41.5 per cent.
Jukka Moisio is “extremely proud” the Nokian Tyres team’s response to the challenges it faced in 2020. But no amount of pride can compensate for sales and income lost due to lockdowns and other restrictions. As expected, the Finnish tyre maker reported reduced sales and earnings for the year.
As of 24 August, Tytti Bergman is no longer Nokian Tyres’ senior vice president, People and Culture. The tyre maker shares that Bergman has left the company “to pursue other career opportunities.” Tarja Kaipio, vice president, Human Resources, has stepped into the position on an interim basis until a permanent successor is appointed.
Nokian has appointed Jukka Moisio president and CEO as of 27 May, 2020. Hille Korhonen will step down after leading the company for the last three years. Moisio has led international companies previously, such as Huhtamäki Oyj, a global packaging company, and Ahlstrom Oyj.
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