Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Finland
  4. Nasdaq Helsinki
  5. Nokian Renkaat Oyj
  6. News
  7. Summary
    TYRES   FI0009005318

NOKIAN RENKAAT OYJ

(TYRES)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector news

Nokian Renkaat Oyj : Tyres takes next growth steps at the US factory, adding third and fourth production shifts

05/25/2021 | 08:19am EDT
Tue May 25 03:00 pm 2021 in category Company news Nokian Tyres takes next growth steps at the US factory, adding third and fourth production shifts

Nokian Tyres plc Company Release May 25, 2021, 3:00 p.m.

Nokian Tyres is adding third and fourth production shifts at its US factory to increase output capacity to 24/7 production at the facility, in response to rising demand.

The company launched its third production shift the week of May 17 and will add the fourth shift in mid-July. Adding shifts is on pace with Nokian Tyres' plans to produce as many as one million tires at the Dayton factory in 2021.

The expansion caps a hiring campaign that saw Nokian Tyres nearly double the factory's workforce in the first half of 2021; the company now employs approximately 300 team members in Dayton. Once the facility reaches full capacity in the coming years, it will make up to four million tires annually and employ as many as 400 workers.

'The demand for our premium tires is rising also in North America, and we are proud to offer products that are tailored to fit the needs of drivers in the region. We are advancing with our growth plans and offer a versatile range of tires for demanding conditions. Last year we launched a record number of new products globally,and we will reach a new record in 2021,' says Nokian Tyres' President & CEO Jukka Moisio.

Nokian Tyres started production at the Dayton factory in January 2020 to serve rising demand for its products in the North American market. It crafts all-season and all-weather tires at the state-of-the-art facility, which was the first in the tire industry to earn LEED v4 Silver certification earlier this year.

Nokian Tyres aims to leverage the factory to reduce delivery lead times to North American customers and build tires tailored to the needs of drivers in the region, such as the Nokian Tyres One, an all-season passenger tire it launched in North America in January.

'The expansion to third and fourth shifts will allow us to greatly increase our production capacity while gaining efficiencies from continuous operation,' says SVP, Supply Operations Adrian Kaczmarczyk.

'We're focused on serving our customers by increasing our volume while maintaining the premium quality of the tires we're making here,' says Dayton Factory Operations Director David Korda.

The Dayton factory expansion follows a quarter in which Nokian Tyres set a record for sales volume, increasing year-over-year net sales by 28.5 percent globally compared to 2020 and 27.5 percent in North America, with comparable currencies.

In addition to increasing output in Dayton, Nokian Tyres is operating its Russia factory at full capacity and announced in March that it will increase production capacity by 30 percent at its Finland facility. The company also announced the beginning of testing at its new test center in Spain in May 2021.

Nokian Tyres plc

Päivi Antola
SVP, Corporate Communications and Investor Relations

For more information: Wes Boling, Marketing Communications Manager, wes.boling@nokiantyres.com

Disclaimer

Nokian Tyres plc published this content on 25 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 May 2021 12:18:05 UTC.


ę Publicnow 2021
All news about NOKIAN RENKAAT OYJ
07/28NOKIAN TYRES : Disclosure under chapter 9, section 10 of the securities market a..
AQ
07/22NOKIAN RENKAAT OYJ : Tyres Officially Expands to 24/7 Production at Dayton Facto..
PU
07/20NOKIAN RENKAAT OYJ : Tyres will publish its half year financial report january--..
AQ
07/20NOKIAN RENKAAT OYJ : Tyres will publish its Half Year Financial Report Januaryâ&..
AQ
07/20NOKIAN RENKAAT OYJ : Tyres will publish its Half Year Financial Report January&m..
PU
06/23NOKIAN RENKAAT OYJ : Efficiency and safety for maintenance work in built environ..
AQ
06/22NOKIAN RENKAAT OYJ : Efficiency and safety for maintenance work in built environ..
PU
06/22NOKIAN TYRES : Disclosure under chapter 9, section 10 of the securities market a..
PU
06/18NOKIAN RENKAAT OYJ : Tyres celebrated its new, ultra-modern tire warehouse in ru..
AQ
06/18NOKIAN TYRES : Disclosure under chapter 9, section 10 of the securities market a..
PU
More news
Financials
Sales 2021 1 521 M 1 806 M 1 806 M
Net income 2021 211 M 250 M 250 M
Net cash 2021 7,64 M 9,07 M 9,07 M
P/E ratio 2021 23,2x
Yield 2021 3,82%
Capitalization 4 933 M 5 863 M 5 857 M
EV / Sales 2021 3,24x
EV / Sales 2022 3,03x
Nbr of Employees 4 982
Free-Float 89,8%
Chart NOKIAN RENKAAT OYJ
Duration : Period :
Nokian Renkaat Oyj Technical Analysis Chart | TYRES | FI0009005318 | MarketScreener
Technical analysis trends NOKIAN RENKAAT OYJ
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus UNDERPERFORM
Number of Analysts 17
Last Close Price 35,69 €
Average target price 29,86 €
Spread / Average Target -16,3%
EPS Revisions
Managers and Directors
Jukka Matias Moisio President & Chief Executive Officer
Teemu Johannes Kangas-Kńrki Chief Financial Officer
Jukka Hienonen Chairman
Juha Pirhonen Vice President-Research & Development
Frans Westerlund Head-Information Technology & Processes
Sector and Competitors
1st jan.Capi. (M$)
NOKIAN RENKAAT OYJ23.84%5 863
BRIDGESTONE CORPORATION43.62%31 331
MICHELIN (CGDE)32.11%29 389
KUMHO PETROCHEMICAL CO., LTD.41.38%4 739
SAILUN GROUP CO., LTD.56.46%3 686
THE GOODYEAR TIRE & RUBBER COMPANY42.90%3 663