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Nokian to terminate joint venture with Amtel

Nokian has announced its intention to terminate the Joint Venture with Russian company, Amtel. Under the terms of the agreement Amtel produced Nokian’s intermediate brand, Nordman. Nokian has established its own logistical centre in the Moscow area and is now concentrating its marketing strategy on the Nokian brand alone. The company is building a new tyre factory close to St. Petersburg. It is expected that this factory will commence production in 2005.

16th March 2004/by Tyrepress Editors

Nokian still flying high

When Bridgestone bought 19.6 per cent of the Nokian share capital from the then parent company Nokia for 39.17 Euro per share, paying a total of 78 Million Euros, analysts recommended Nokian shares as “Hold”, saying the fair value was approximately 34 Euro and pointing out that Bridgestone paid a premium on top of this. Investors who did not listen but bought Nokian shares anyway are now much better off. They made a fortune due to the fact that Nokian was able to more than double the share price to the current 71 Euro, giving Nokian a market capitalisation of about 780 Million Euros. Nokian made a turnover of 528.7 million Euro last year and managed an operating profit of 79.1 million Euro, which led ultimately to a net profit of 47.6 million Euro. Nokian Tyres is by far the best earning tyre company in the world.

8th March 2004/by Tyrepress Editors

Bridgestone not talking with Amtel

Shigeo Watanabe, head of Bridgestone Corp., has categorically stated that the company was not discussing a production deal with Russia’s Amtel, which has threatened to dump partner Nokian Renkaat. Russian tyre maker Amtel told Reuters last week that relations between it and Finland’s Nokian were frozen and their venture could end. Nokian, in which Bridgestone owns about 20 per cent, has said its 50-50 joint venture with Amtel was still intact. Amtel Vice President Anatoly Volnov, however, has stated Amtel and Bridgestone plan to produce a quarter of a million tyres this year under the Bridgestone brand at the Kirov plant.

20th February 2004/by Tyrepress Editors

Nokian plant in Russia

Nokian Tyres will start construction of a 120 million US Dollar tyre plant worth in the Leningrad Oblast in 2004. The plant, due to be completed in 2005, will be built in three stages and eventually reach capacity of 6 million tyres per year. Nokian holds about 14 per cent of the imported tyre market in Russia.

15th January 2004/by Tyrepress Editors

Nokian Tyres introduces a new studless winter tyre

The Nokian Hakkapeliitta RSi for passenger cars is a successor for the popular Hakkapeliitta Q friction tyre and it has been developed for the Nordic, Russian and North American markets. Consumer sales with the wide size range will start in the autumn of 2004, writes Nokian in a press release. Several technical innovations developed for the new R speed rated (170 km/h) friction tyre improve grip properties especially when braking and accelerating on snowy, slushy, icy and wet surfaces. The tyre has been manufactured without using harmful high aromatic oils.

12th January 2004/by Tyrepress Editors

Nokian Tyres shares subscribed with option rights

After the October 31, 2003 registered increase in share capital a total of 13,070, Nokian Tyres plc’s shares have been subscribed with the 2001A option rights. These option rights are attached to the Nokian Tyres plc’s Option Program of 2001. An increase in share capital totalling 26,140 Euros was entered into the Trade Register on December 10, 2003. The shares will be traded on the Helsinki Exchanges together with the old shares as of December 11, 2003.

10th December 2003/by Tyrepress Editors

Good 3Q results from Nokian

Nokian Tyres has put in an impressive third quarter performance, with better-than-expected operating profit of 21.7 million Euro, giving an operating margin of 16.6 per cent. The company increased its market share in Nordic countries to 31.5 per cent. These countries account for two-thirds of Nokian’s sales. The Finnish manufacturer also increased sales of winter and high performance tyres.

28th October 2003/by Tyrepress Editors

Downgrade For Nokian Shares

Deutsche Bank has downgraded shares in Nokian Tyres from “Buy” to “Hold”, although the analysts say that their positive view of the company remains unchanged and, compared to other European manufacturers, Nokian trades at a clear premium.

17th June 2003/by Tyrepress Editors

Nokian Buys Russian Retreader

Nokian has purchased the Eurobandag retreading plant, situated in St. Petersburg, Russia. Last year, net sales at the plant totalled 0.5 million Euros and the factory retreaded 2,000 truck tyres. Nokian is also re-arranging its retreading materials operations, bringing together the personnel employed at its Vianor retreading plants in Finland, Sweden and Norway under one profit centre.

13th June 2003/by Tyrepress Editors

Increase In Nokian Share Capital

A total of 22,030 extra Nokian Tyres shares have been subscribed May 12th, giving an increase in share capital of 44,060 Euros. The shares, together with the old shares, will be traded on the Helsinki Exchange from tomorrow. The increase means that the number of Nokian shares is now 10,604,316 and the share capital is 21,208,632 Euros.

13th May 2003/by Tyrepress Editors

New Nokian Brand Announced

Up until now, Nokian Tyres’ contract manufacturing has mainly been focused on Nordman branded winter tyres. The Finnish tyre maker now plans to increase summer tyre production as well in the Russian joint venture factory of Voronez, attaining an annual capacity of two million tyres in 2004 and also plans to introduce a new summer tyre brand at the year-end.

8th May 2003/by Tyrepress Editors

RoadSnoop On The Way

In April Nokian Tyres began the delayed production of RoadSnoop pressure watches. Production capacity will be increased gradually during the summer and the autumn. The first products have already been delivered to customers. The product will be sold globally, and specifically in Nokian’s major markets. Several versions of the current RoadSnoop systems have been developed for different types of end users. Plans are underway to introduce a pressure watch designed for frequently travelling professional drivers, such as taxi drivers, policemen and ambulance drivers.

7th May 2003/by Tyrepress Editors

Good Quarter For Nokian

Nokian Tyres has released its figures for the first quarter of the year. Turnover rose 13.2 per cent to 95.7 million Euros (1Q 2002: 84.5 m). Group operating profit was 3.2 million Euros (1Q 2002: – 1.0 m) and the manufacturing operating profit was 11 million Euros, with the Vianor tyre chain making a loss of 5.2 million Euros. This latter figure was an improvement of 1.5 million Euros over 1Q 2002. Group profit before taxes was 1.6 million Euros, compared with a deficit of 4 million Euros for the same period last year.

6th May 2003/by Tyrepress Editors

Nokian And Amtel Finalise Russian Joint Venture

Nokian Tyres and Amtel Holdings have formally registered the joint venture company Amtel-Nokian Tyres LLC (ANT), in which both have a 50 per cent stake. ANT will begin operations immediately, with a target of selling 600,000 Nordman branded tyres this year and 2 million tyres in 2004.

25th April 2003/by Tyrepress Editors

Nokian AGM Decisions

At its Annual General Meeting, Nokian Tyres decided to pay a dividend of 1.11 Euros per share. The AGM also authorised the Board of Directors to increase the share capital by a maximum of four million Euros, if desired. At the Board meeting following the AGM, Mr. Matti Vuoria was elected Chairman of the Nokian Tyres Board.

27th March 2003/by Tyrepress Editors