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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

Nokian Loader Grip 2 Available in November

Nokian’s new Loader Grip 2 tyre for wheel loaders is almost here – the Finnish manufacturer reports that the initial size in the range, a 15.5R25 for lighter vehicles, will be available for sale in 2009 and new fitments will expand the line-up during 2010. This first available size, says Nokian, is designed for loaders with a working weight of approximately ten tons and the tyre’s wide contact area and frame structure is said to facilitate the easy carrying of heavy loads and a stable and precise steering response.

9th October 2009/by Tyrepress Editors

Michelin Fairs Well in Consumer Reports Tests

US based publication Consumer Reports has rated four Michelin tyres the top spots in North American market all-season (S and T speed ratings) and performance all-season tyres (H and V speed ratings), and winter categories in the magazine's November issue. Each of the four Michelin models received an "Excellent" rating. The Michelin tyres bested tests of 69 models – the largest group ever tested by Consumer Reports. That includes all-season and winter passenger car and SUV tyres.

6th 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

A New Beginning

On 15 May 2009 Apollo Tyre’s purchase of Vredestein Banden was completed with the signing of contracts ratifying a deal estimated to be worth between 175 million and 220 million euros. The new combined company, Apollo Vredestein BV, will operate as a wholly owned subsidiary of the Indian tyre giant Apollo, with full responsibility for selling all of both company’s tyre brands (Vredestein, Maloya and Apollo) in Europe. Having witnessed Amtel-Vredestein go to the wall earlier this year, observers agree that the company's previous alliance with the now defunct Russian tyre maker turned out – with the benefit of hindsight – to have been a mistake.

Nevertheless Vredestein's re-marriage to an ambitious manufacturer with its own designs on European market access puts the new combined company just outside the top 10 global tyre manufacturers, somewhere around 12 or 13; fulfils Vredestein’s desire to find emerging market production capacity and a route into the related sales markets; and is being hailed as a new beginning for Dutch tyre maker. Tyres & Accessories recently travelled to Apollo Vredestein BV's Enschede headquarters and asked the newly merged company's CEO, Rob Oudshoorn, why it will be second time lucky for the tyre manufacturer.

1st July 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 Adds to Forestry Range

Nokian’s forestry tyre product family is growing. New size additions to its Forest Rider line-up, the company reports, are suitable for the very large tractors and forestry machines that are used for harvesting energy wood and constructing and maintaining forest roads. These products also work very well, Nokian adds, on heavy tractors used on contracting sites.

Another new tyre, the Forest King F in size 780/55-26.5, is said to provide greater durability and load-bearing capacity for cut-to-length machinery. Nokian states it is designed for CTL forestry machines and will add much-desired durability and load-bearing capacity for heavy harvesters and forwarders. The new product will replace the Nokian Forest King F size 750/55-26.5.

5th 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

Analysts Expect Nokian Q1 EBIT to Plummet

A Reuters poll of eleven analysts anticipates a 93 per cent drop in first quarter operating earnings for Finnish tyre manufacturer Nokian Renkaat. This massive decline is predicted due to much weaker demand. Pre tax and interest earnings for the January to March period are expected on average to fall to four million euros, contrasting strongly with the 54 million euros recorded in the same quarter last year. The mean prediction for net sales was a 32 per cent drop to 167 million euros, while a net loss of seven million euros is anticipated.

For the full year, the eleven analysts expect net sales of 886 million euros, an EBIT of 140 million and a net profit of 82 million euros. The company will release its results on May 7.

6th May 2009/by Tyrepress Editors

Ukraine Women’s Rights Group Wants Vianor Ad Banned

A Ukranian international women’s rights centre, La Strada Ukraine, wants tyre retailer Vianor’s TV commercial banned from the country’s Inter TV channel for apparently insulting children. La Strada says the ad, which reportedly shows parents ironically exchanging children for tyres, is a violent insult of children’s rights: “it represents disrespect towards children, panhuman values and a manifestation of parents’ irresponsibility and exploitation of a kid’s image.” Spokespeople at Vianor’s parent company, Nokian, were unavailable for comment on the news.

7th April 2009/by Tyrepress Editors