Nokian Tyres to add capacity, following strong growth in 2010

Nokian Tyres to add capacity, following strong growth in 2010
09 February 2011


Helsinki, Finland – Nokian Tyres group’s net sales increased by 32.5 percent to EUR 1,058.1 million (EUR 798.5 million in 2009). Operating profit more than doubled to EUR 222.2 million (EUR 102.0 million) and Profit for the period to EUR 169.7 million (EUR 58.3 million).

Kim Gran, President and CEO said, “A clear improvement in the drivers for demand in core business brought Nokian Tyres back to a strong growth track. The sails are now bulging with strong tailwind as we go into 2011 with thick order books and growing capacity.”

He continued, “We will increase our investments significantly in 2011 to secure future growth. This includes two additional production lines for Russia (numbers 9 and 10). In addition, we are looking for further capacity expansion of both production and distribution.”

Gran said, “The aftermarket sales volume for car tyres increased in the Nordic countries by an estimated 10 percent and in Europe by 8 percent in 2010 year-over-year. Tyre industry deliveries to distributors increased by approximately 35 percent in Russia, trailing the improving economy, lower stocks of distributors and improved consumer confidence.”