Off-Take Agreement Between Nokian Tyres And Michelin
Nokian Tyres announced an off-take agreement with Michelin, mostly for heavy tyres but also for car tyres. A month ago, Continental also seemed to be interested, but obviously finished runners-up.
Nokian Tyres
Nokian Tyres announced an off-take agreement with Michelin, mostly for heavy tyres but also for car tyres. A month ago, Continental also seemed to be interested, but obviously finished runners-up.
Following Goodyear and Michelin, Nokian Tyres has released its half year figures. Sales rose 25% over the same period last year to reach 152.2 m Euro but operating profit fell from 5 m Euro to a loss of 1.5 m Euro. Net profit was also negative at -4.1 m Euro. One cause was increased raw material prices (rubber, oil, carbon black) up 8% over last year. Despite the loss, Nokian is broadly on track because, as a Scandinavian company, it generally makes huge profits in the second half of the year.
Two agreements have been signed by Nokian and Michelin concerning the off-take manufacture of Nokian brand agricultural, industrial and truck tyres at Michelin’s Polish factory. The agreements will last for three years and will be renewed annually thereafter. Sales of agricultural and industrial tyres will start this year and truck tyres early in 2001.
Nokian Tyres has developed an intelligent tyre technology system that sends real-time data on tyre pressures and temperature to the driver’s mobile phone. No extra display is required inside the vehicle.
Nokian Tyres has agreed to purchase up to 94 % of the ISKO-shares. ISKO is the largest Finnish Tyre wholesaler and retailer. As soon as the transaction has been completed Nokian Tyres will have the largest equity in “Nordic Europe” consisting of 117 depots with 750 employees in Scandinavia together with Estonia and Latvia.
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