The COVID-19 pandemic has had a significant impact on global car and tire demand. Despite this, Nokian Tyres’ short-term priorities are clear: “We will continue to provide our customers and consumers with world-class products and services, while at the same time keeping costs under strict control. We will prioritize cash flow by cutting back investments and actively managing working capital,” says Jukka Moisio, President and CEO of Nokian Tyres. “In this volatile market environment, our focus in the second half of 2020 is tactical. A more thorough review of our longer-term growth strategy will take place once the market has stabilized.”
After 100 days as the President and CEO of Nokian Tyres, Jukka Moisio will share his initial observations on Nokian Tyres’ business in the current market situation and the company’s immediate priorities in a conference call, including a Q&A session, on Tuesday, September 8, 2020 at 3:00 p.m. Finnish time.
Nokian Tires has begun the second stage of hiring at its factory in Rhea County, Tennessee, where it is preparing to launch a second shift of production. Nokian Tires plans to hire upwards of 50 team members starting in September.
Nokian has expanded its E-Truck range to cover light goods vehicles in addition to long- and medium-haul trucks, with a focus on tailoring the tires for city use.
The company highlighted that its E-Truck 17.5 series of steering and drive axle tires was not created by simply scaling down the existing products.
Nokian Tires has launched a new campaign to educate drivers about safety and quality: Ten Rules of Tires. The campaign shines a spotlight on key information drivers may not know about tires – knowledge that could keep them safer on the road.
Nokian Tyres plc Half Year Financial Report January–June 2020, August 4, 2020, 2:00 p.m.
- Net sales were EUR 550.5 million (756.1 in January−June 2019). With comparable currencies, net sales decreased by 25.0% especially due to COVID-19, measures taken to reduce high carry-over stocks in the Russian distribution channel, and mild winter in all main markets.
- Segments operating profit was EUR 40.8 million (155.5), with no significant currency impact. The decline was driven by lower volumes and underabsorption of factory costs. EUR 54.6 million of expenses were booked as non-IFRS exclusions. Operating profit was EUR -13.7 million (148.0).
- Segments earnings per share were EUR 0.16 (2.01, positively impacted by EUR 1.08 related to the rulings on the tax disputes). Earnings per share were EUR -0.16 (1.94; positively impacted by EUR 1.08 related to the rulings on the tax disputes).
- Cash flow from operating activities was EUR -13.6 million (-89.8).
- Guidance was withdrawn in March 2020 due to increased uncertainty in the car and tire market. Given the continuous uncertainties, the company refrains from giving a guidance for 2020.
The automatization of traffic is advancing, which also sets new requirements for car tires. When a car is not human-controlled, it must be able to individually observe driving conditions via sensors installed on tires, for example. The old and familiar safety characteristics, such as grip on ice and aquaplaning resistance, will be joined by technology that produces real-time data.
– If a car does not have an active driver to ensure that the tires are safe to use, safety needs to be measured in another way, says Mika Penttilä, Head of Digital Technology for Nokian Tyres.
Nokian Tyres plc is inviting drivers to share information about their favorite road trips via the new nokiantires.com/journey website. “One lucky U.S. driver who enters a road trip will win a set of tires from Nokian and several runners-up will receive secondary prizes,” say company officials.
Less than six months after opening, Nokian Tyres ’ factory in Dayton, Tennessee, earned ISO 9001 certification earlier this year.
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The achievement affirms that the company has implemented rigorous quality management processes at the facility.
The process includes audits by an independent, external certification body and by internal staff trained for the process. All three of Nokian Tyres’ global factories have now achieved ISO 9001 certification.
(Reuters) – Finnish tyre maker Nokian Tyres Plc (TYRES.HE) said late on Tuesday its board has appointed Jukka Moisio as chief executive, taking over from Hille Korhonen, whose three-year tenure was marked by decline of almost 50% in the company’s value.
Moisio, who headed packaging firm Huhtamaki (HUH1V.HE) from 2008 to 2019, will start on Wednesday.
“Jukka Moisio has a proven record in successfully leading stock listed companies and company turnarounds, delivering strong financial performance and shareholder returns,” Chairman Jukka Hienonen said in a statement.