Nokia Tyres to Begin Lay-off Talks

Published 31.10.2008, 11.03 (updated 31.10.2008, 11.05) Nokia Tyres will begin negotiations to temporarily layoff 1,000 factory workers. The plan will suspend work for about three weeks. One-hundred additional workers will also be laid off temporarily from Nokia Heavy Tyres for a period of seven to eight months. Another 70 jobs could be threatened after the company implements production changes to its personal car tyre unit. The company says the layoff plans come in the wake of weakening growth in the global economy. Nokia Tyres result before tax in quarter three was 67.5 million euros, up from 46.4 million euros last year. Turnover grew from 236 million euros to 282.2 million euros during the same period. Nevertheless, the company expects business to slowdown at the end of this year. It adds that raw material costs have risen 10 percent from 2007.