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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

Walkout Planned at Nokian Tyres Facility

Workers at the Nokian Tyres factory in the company’s Finnish hometown are scheduled to stage a one-day walkout on September 23. According to Petri Sorvali, chief shop steward at the factory, the walkout will be held in protest against the company's restructuring programme.

22nd September 2009/by Tyrepress Editors

Nokian Tyres Buys Maine Wholesale Tire to ‘Solidify Distribution’ in US

Nokian Tyres, Inc. has announced that its University Wholesalers subsidiary has purchased Maine Wholesale Tire, a Portland, Maine based tyre distributor. Local news sources report that one of the former owners of Maine Wholesale Tire will remain as management staff to ensure a smooth transition. Terms of the deal were not disclosed. The new entity will now operate under the University Wholesalers name, according to a press release.

“The operation gives us a much stronger presence in Maine and will enable us to improve levels of service to our dealers there and also in southern New Hampshire and eastern Massachusetts,” said Jari Lepisto, General Manger Nokian Tyres, Inc.

Nokian Tyres, Inc. is the North American subsidiary of Nokian Tyres Plc., Finland. The company employs 135 people and services over 1500 retailers (including 12 Vianor branches) in North America.

21st September 2009/by Tyrepress Editors

Nokian Tyres Offer Slush-Planing Protection

Nokian has introduced new sizes of two "green" high performance winter tyres, which the company says are its safest yet – the WR G2 and, for SUVs, the W RG2 SUV. The WR G2, says Nokian, is particularly effective against "slush-planing" and aquaplaning and offers a shorter braking distance in the wet as well as improved snow grip. Its eco credentials include reduced fuel consumption, thanks to the tyre's reduced rolling resistance, plus it has a longer tread life. Three new 15" and 16" sizes have been added to the WR G2 range, which now comprises 67 sizes for rims from 14" to 20" and speed ratings from T to W.

17th September 2009/by Tyrepress Editors

Nokian Moving US Headquarters

International News

Nokian Tyres will move its headquarters from LaVergne, Tennessee, to Colchester, Vermont, in an effort to consolidate its operations. The relocation, which the company expects will be finalised by spring 2010, will place the headquarters near Nokian’s wholesale operation, University Wholesalers Inc. Nokian Tyres, the North American subsidiary of Finland-based Nokian Tyres P.L.C., also owns […]

25th August 2009/by Tyrepress Editors

Nokian Anticipates ‘Market Headwinds’ to Continue

Sales at Nokian Tyres decreased 34.6 per cent to 346.7 million euros in the half year between January and June 2009, and operating profit went down along with it; the company reports a 86.4 per cent decline in operating profit to 17.5 million euros. Net income during the half-year amounted to just 346.7 million euros, supported by a more robust second quarter in which profits of 191.1 million euros were generated.

11th August 2009/by Tyrepress Editors

A Dream Realised for Cimcorp

Finland’s Cimcorp has long held the desire to develop a tyre factory in which every stage of the operation – from tyre assembly to final shipping – was automated. This idea has formed the core of the company’s so-called “dream factory” concept, and Cimcorp reports that in the past year this dream has become reality.

The company’s path towards a fully automated tyre plant began some time ago, and outside the tyre industry.

23rd June 2009/by Tyrepress Editors

Nokian Introduces ‘Truck F’ Dedicated Winter Steer Tyre

The Nokian Hakkapeliitta truck tyre family is being expanded through the introduction of the Hakkapeliitta Truck F, a truck and bus steer tyre designed for winter conditions. The Truck F extends the range that began with the Truck E drive tyre a year ago and enables users to equip their entire vehicle with tyres from the Hakkapeliitta line-up.

According to Nokian, the development goal its designers applied was to introduce the world’s best winter steer tyre. The manufacturer reports that this multipurpose tyre comes into its own on medium to long-haul usage, and while it is at home on main arterial routes and motorways it can easily cope with winding, narrow roads.

8th May 2009/by Tyrepress Editors

Nokian Sales “Down in Line With Market,” says Gran

Actual interim results for the January to March 2009 quarter show Nokian Tyres’ operating income to be even lower than the figure anticipated by a Reuters analyst poll. The company’s interim report, released May 7, reveals an EBIT of minus 2.7 million euros for the quarter, down from 54.4 million a year earlier. The mean estimated EBIT calculated from a Reuters survey of eleven analysts was four million euros. Net sales during the quarter stood at 155.6 million euros, 36.8 per cent lower year-on-year. A net loss of 10.4 million euros was recorded in the quarter, contrasting with a net profit of 45.1 million euros in the first quarter of 2008. The analysts surveyed by Reuters anticipated a net loss of seven million euros.

”Nokian Tyres’ first quarter net sales went down to the level of the corresponding period in 2006,” noted company president and CEO Kim Gran. “Nokian Tyres did not make profit in the first quarter due to low sales, operative streamlining measures, currency devaluation on our main markets, and the seasonal weakening in our sales mix. We took strong actions to adjust our preseason sales and production to the changed market conditions.

7th May 2009/by Tyrepress Editors

Nokian Q1 2009 Sales Down following 2008 Sales Growth

At the Nokian Tyres’ Annual General Meeting, held on April 2, company president and CEO Kim Gran announced that first quarter 2009 net sales are clearly lower than in the first quarter of 2008 and a net loss is expected. On a more positive note, Gran estimates that the first quarter will be the weakest of the year, and Nokian Tyres’ sales will increase during the other quarters. Full year net sales in 2009 will, however, be weaker than in 2008.

Last year proved to be Nokian Tyres’ 17th consecutive year of profitable sales growth, the company president and CEO told AGM attendees. Net sales of 1.08 billion euros for the financial year ending December 31, 2008 represent a 5.5 per cent increase on 2007 results, and operating profit increased a similar amount

3rd April 2009/by Tyrepress Editors

Nokian Net Income Down 17% in 2008

Sales at Nokian Tyres increased 5.5 per cent in the twelve months to December 31, 2008, totaling 1.08 billion euros for the year. During the final quarter of the 2008 year, however, sales slumped 24.9 per cent to 267.7 million euros. Annual operating profit, at 247.0 million euros, was also up 5.5 per cent, however during the final quarter it more than halved to 46.5 million euros. Net profit for the 12 months amounted to 139.9 million euros, 17.2 per cent less than in 2007. Nokian Tyres reports a net loss of 11.6 million euros for the final quarter.

11th February 2009/by Tyrepress Editors

Nokian Tyres’ Kazakhstan JV on Hold

International News, Product News

Amongst the announcements made upon the public release of the Nokian Tyres 2008 financial statement is news that the company’s joint venture in Kazakhstan has been put on hold. The project with Ordabasy Corporation, agreed upon in 2007, has been paused by mutual agreement, Nokian reports. The company adds that the project may be re-launched, at the earliest, in late 2010. An agreement has been made to return an advance payment of 12 million euros, made for technical support, to Ordabasy.

11th February 2009/by Tyrepress Editors