Nokian Execs’ Stock Sale Raise Suspicions
Finnish newspaper Helsingin Sanomat reported that Nokian Tyres execs sold more than 600,000 euros in stock last autumn prior to its testing scandal. Following the announcement of cheating during tire testing, Nokian stock dropped by 44%. The sale of Nokian stock is leading to questions about what nine leading execs knew about the impending scandal,
Nokian Shuffles Organization Structure
Nokian Tyres is rearranging its operational structure and the responsibilities of its management team in order to strengthen the company’s product and innovation leadership, end-to-end supply operations and sales and distribution management. “Our success will also in the future be based on the world’s best products, world class production and distribution and excellent customer orientation.
Nokian Ends Negotiations, Reduces Layoff Total
Nokian Tyres ended statutory negotiations and will layoff 122 production workers and administrative staff at its Nokia, Finland, plant. Nokian had put the factory’s union on notice that it wanted to consider laying off 900 people, but the company and the union came to an agreement to let go 122 workers and staff. Cutting 122
Nokian to Lower Production, Lay Off Employees
With a downgrades in Nokian Tyres’ 2015 outlook, the Finnish tiremaker said it will decrease production and lay of workers at its Finland facility, according to Tyres & Accessories. The economic situation in Russia and the CIS countries is said to be responsible for the decrease in passenger car tires. Tires that are purchased in
Nokian Pair Wins 2014 Winter Tire Competition
In Auto Bild’s recent annual “Winter Tire Test Competition,” the German autoparts company invited more than 15 parts developers to submit their best products for investigation and testing. The Nokian WR D3 and WR SUV 3 (equivalent North American products are the all-weather WR G3 and WR G3 SUV tires) were named among the best
Nokian Announces Possible Layoffs
Nokian Tyres will start statutory negotiations on Sept. 25 at its tire plant in Finland to adjust production and create cost savings. The negotiations include temporary layoffs, according to the tiremaker. The negotiations concern approximately 570 workers and staff in production, maintenance and quality departments at the plant. Possible personnel cuts will amount to a
Nokian Sales Drop
Nokian Tyres reported a net sales drop of 9.4%, bringing in EUR 681.5 million for the first half of 2014, despite growth in the western markets. While sales in North America, Central Europe and the Nordic countries grew, net sales suffered due to the markets in Russia and currency rate changes, the tiremaker said. “As
Nokian Acquires Import Tire Inc.
Nokian Tyres North America has acquired the tire distribution business from Import Tire Inc. in Glastonbury, Conn. Import Tire has a turnover of roughly $10 million. Nokian owns 10 retail stores in New England under its store Vianor brand. Import Tire Inc. is primarily wholesale with a single location business unit in the New England
Nokian Appoints New President, CEO
Nokian Tyres’ board of directors appointed Ari Lehtoranta as the company’s new president and CEO. He will start as president on Sept. 1 and as CEO on Oct. 1. Lehtoranta currently serves as the executive vice president of Central and North Europe at Kone Corp., a lift manufacturer. Kim Gran, Nokian Tyres’ current president and
