Mon December 12 01:49 pm 2011 in category Stock exchange releases
Nokian Tyres plc Stock Exchange Release 12 Dec 2011 at 1:45 p.m.
The statutory negotiations at Nokian Heavy Tyres Ltd ended on 12 December 2011 with a decision to change the main working pattern of the heavy tyre production to a discontinued five-day three-shift model, and to temporarily lay off employees. With the lay-offs the company will save the salary costs of approximately 80 man-years. Part of the adjustment measures will be carried out through pension arrangements. Approximately 260 employees will be laid off for a maximum of 12 months, depending on the tasks and the development of the order intake. The lay-offs will take place during 2012.
The adjustment measures will be taken to reflect a weaker heavy tyre demand.
Nokian Heavy Tyres Ltd produces approximately 8% of the Nokian Tyres Group’s Net sales and approximately 1.5% of the group’s Operating result.
Nokian Tyres plc
Antti-Jussi Tähtinen
Vice President, Marketing and Communications
Further information: Jarmo Puputti, Director Nokian Heavy Tyres Ltd., tel. +358 10 401 7995.
Distribution: NASDAQ OMX, media, www.nokiantyres.com
Statutory negotiations at Nokian Heavy Tyres ended
The statutory negotiations at Nokian Heavy Tyres Ltd ended on 12 December 2011 with a decision to change the main working pattern of the heavy tyre production to a discontinued five-day three-shift model, and to temporarily lay off employees. With the lay-offs the company will save the salary costs of approximately 80 man-years. Part of the adjustment measures will be carried out through pension arrangements. Approximately 260 employees will be laid off for a maximum of 12 months, depending on the tasks and the development of the order intake. The lay-offs will take place during 2012.
The adjustment measures will be taken to reflect a weaker heavy tyre demand.
Nokian Heavy Tyres Ltd produces approximately 8% of the Nokian Tyres Group’s Net sales and approximately 1.5% of the group’s Operating result.
Nokian Tyres plc
Antti-Jussi Tähtinen
Vice President, Marketing and Communications
Further information: Jarmo Puputti, Director Nokian Heavy Tyres Ltd., tel. +358 10 401 7995.
Distribution: NASDAQ OMX, media, www.nokiantyres.com