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Nokian Reports “Satisfactory Results” for 2009

Upon the release of his company’s annual figures, Nokian Tyres president and CEO Kim Gran commented that “eventually, after taking decisive action in a tough market, we achieved quite satisfactory results in 2009.” This action, which included cutting investments by 94.7 million euros and wages and salaries by 44.6 million, helped the company achieve an annual net profit of 58.3 million euros, a figure that is, coincidentally, 58.3 per cent lower than the company’s 2008 profit. Net sales for January to December 2009 amounted to 798.5 million euros, 26.1 per cent less than a year earlier. Operating profit was 102.0 million euros compared with 247.0 million for the 2008 financial year.

11th February 2010/by Tyrepress Editors

Nokian Gets Behind Snow Soccer

Nokian Tyres’ dedication to grip in the snow goes beyond its tyre products, as was witnessed at the Nokian Tyres Snow Soccer World Championships in Finland on 6 – 7 February 2010. The sporting event, which Nokian describes as “very crazy, but so cheerful”, involves 1,000 players and 70 teams competing on a playing surface covered by 50 centimetres of snow. This new snow sport, adds the Finnish tyre maker, is extreme fun: exhausting, difficult and adventurous, and the players with the most grip and skill will prove to be the winners.

8th February 2010/by Tyrepress Editors

Outlet 600 Added to Nokian’s Vianor Chain

Nokian Tyres reports that its Vianor retail chain reached an important milestone in December 2009 with the opening of its 600th outlet. The store, located in the Ukrainian city of Kharkov, is what Nokian refers to as an ‘entrepreneur-led partner outlet’. The Ukraine, the company adds, now ranks second behind Russian in terms of countries with the largest number of Vianor outlets.

26th January 2010/by Tyrepress Editors

SUV Version of Nokian’s Hakkapeliitta 7 Released

Nokian Tyres reports that the market launch of its new Hakkapeliitta 7 SUV studded tyre has provided 4×4 drivers “who enjoy driving in varying winter conditions” a “superior alternative” in terms of grip and driving stability. This new tyre, the Finnish manufacturer states, combines unyielding grip with exceptional durability and unique driving comfort. Designed for heavy use, this latest addition to the Hakkapeliitta winter tyre range is intended to continue Nokian’s emphasis on what it identifies as a core strength: the world’s leading winter tyre expertise. Nordic winter conditions were a focus when designing the Hakkapeliitta 7 SUV, and Nokian reports the tyre can easily adjust to quick changes in weather and temperature, from frost to snow storm to rain. The technical solutions incorporated into the passenger car version of the Hakkapeliitta 7 have also been adapted for use in this 4×4 tyre.

11th January 2010/by Tyrepress Editors

Nokian’s Hakkapeliitta Gains Finish Trademark Protection

The National Board of Patents and Registration of Finland (NBPR) has admitted Nokian Tyres’ “Hakkapeliitta” brand name to its ‘List of Trademarks with a Reputation’. So far, 42 trademarks have been admitted to the list. Admission to the list requires substantial evidence of trademark's awareness in Finland, and is used to help avoid trademark disputes.

18th December 2009/by Tyrepress Editors

Nokian Taking Price Hike

Nokian Tyres Inc. will raise prices on all of its tyres by 3 to 6 per cent, according to American tyre news source Tire Review. The increase, effective 11 January, 2010, was “due to market conditions and the escalation of raw material costs,” Nokian said.

15th December 2009/by Tyrepress Editors

ETRMA, Manufacturers Respond Positively to Tyre Labelling Decision

The European Tyre & Rubber Manufacturers’ Association and its twelve leading tyre corporate members have “welcomed” the objectives of the mandatory tyre performance information requirement voted upon by the European Parliament yesterday. Noting the braking performance and fuel efficiency aspects covered by the upcoming tyre labelling, ETRMA says it is “happy that these aspects are fully reflected in the regulation”. The organisation adds that expected fuel savings from the increased use of fuel-efficient tyres will lead to saving an estimated 20 million tonnes of CO2 per year and 10 billion euros of fuel per year.

26th November 2009/by Tyrepress Editors

Nokian Studded Tyre Tops European Magazine Test

Nokian Tyres claims its Hakkapeliitta 7 studded winter tyre was successful in recent comparison tests conducted by European car magazines, reported Tire Review. The tyre achieved test victories in publications from Finland, Sweden and Russia, Nokian said.

23rd November 2009/by Tyrepress Editors

BlackRock Takes 5% Share in Nokian

Investment firm BlackRock Investment Management (UK) Ltd. now holds a more than 5 per cent share in Nokian Tyres plc, Tire Review reports. The Finnish tyre maker announced the 9 November transaction, and is required to report when any single shareholder gains a 5 per cent share or greater. According to Nokian, Black Rock now holds a total of 6,270,634 Nokian Tyres’ shares representing 5.02 per cent of company’s 124,848,890 shares and voting rights.

11th November 2009/by Tyrepress Editors

Nokian Launches North American Market All-Season Tyre

North American motorists on the hunt for all-season tyres now have a greater selection to choose from following the release of the eNTYRE from Nokian Tyres. The Finnish company describes its new tyre as a premium product designed specifically for the North American market following input from its dealers. When setting out to design the eNTYRE, Nokian reports adhering to the concept of providing drivers with a ‘green tyre’ that provided ultimate in safety, driving comfort and performance.

10th November 2009/by Tyrepress Editors

Nokian Tyres Signs Revolving Credit Facility

Nokian Tyres says it signed a 180 million euro syndicated revolving credit facility for three years with international banks on November 4. The facility, the company reports, will be used for general corporate purposes and to refinance the existing 180 million euro syndicated revolving credit facility signed on April 19, 2005. The Mandated Lead Arrangers and Bookrunners are Calyon, Handelsbanken, Nordea, Pohjola Bank, Sampo Bank and SEB. DnB NOR acts as an arranger. Pohjola Bank was the sole coordinator for the facility, Nokian adds.

5th November 2009/by Tyrepress Editors

Nokian Net Sales Down, But 3Q Ahead of Predictions

Nokian Tyres’ net sales for the first nine months of 2009 totalled 550.8 million euros (down 32.2 per cent on 813.2 million euros in January to September 2008). Meanwhile the company’s operating result amounted to 61.2 million euros in the period. According to the company, sales and operating result improved clearly in the third quarter. July to September operating profit fell 39 per cent compared with 43.7 million euros (£42.492 million; $64.6 million). Reuters reported that this figure beat all of the forecasts in its poll. During the same period, sales fell 28 per cent to 204 million, in line with expectations.

Sales and operating margin is said to have improved, compared to previous quarters, due to pre-season deliveries of winter tyres, restocking of heavy tyres by OE customers, production restructuring and reduced raw material cost.

3rd November 2009/by Tyrepress Editors

Russian Nokian Workers Given Chance to Become ‘Village’ People

Nokian tyres has unveiled its brand new housing complex built for workers at its factory in Vsevolozhsk, Russia. Known as ‘Hakkapeliitta Village’, the 167 apartments are located some ten kilometres from the plant and cover a total area of 10,300 square metres. The company has invested more than ten million euros into the project in the aim of attracting and retaining qualified staff at the facility; a Nokian press release explains that in exchange for a commitment to remain at the plant for at least seven years, employees can purchase an apartment within the complex for substantially less than the average market price.

28th October 2009/by Tyrepress Editors

Natural Rubber Price Could Force 2% Increase from Tyre Companies

Natural rubber cost increases of 60 per cent during the course of 2009 could force tyre manufacturers to increase selling 2 per cent. Current prices of US$ 2.4/kg (RSS3 grade, according to SICOM) compare with a recent low of US$ 1.5/kg last January, and US$ 3.2/kg in June 2008. Average prices reached US$ 2.3/kg in 2007, US$ 2.8/kg in 2008 and are expected to fall around the US$2.0/kg mark for 2009.

According to financial analysts at Deutsche Bank the recent surge is due to inventory build up from tyre companies; the weakness of the US dollar; and recent flooding in Indonesia, which is responsible for 15 per cent of the world’s natural rubber production. Writing in an investor’s note dated 13 October, the analysts reported that natural rubber costs represent approximately 8 per cent of sales of leading tyre makers. This equates to an estimated 550 million euros for 2009 in Continental’s case; 1.2 billion euros for Michelin; 60-65 million for Nokian Tyres and 400 million euros for Pirelli. Therefore if rubber stays at current levels the industry would have to increase selling prices by approximately 2 per cent to offset the added cost, say the analysts.

13th October 2009/by Tyrepress Editors

De Klok Holds High Expectations for the New Season

Dutch wholesaler De Klok Banden is releasing a completely updated product range for the 2009/2010 winter tyre season. But it is not only the size and depth of the line-up that’s been taken care of – the company is also convinced that tyre dealers will be hard pressed to go past De Klok’s brands when it comes to quality, availability and pricing. Furthermore, a recently added extra 15,000 square metres warehouse capacity shows that the firm from Oud-Beijerland, south of Rotterdam, is set to expand.

2nd October 2009/by Tyrepress Editors