Nokian Renkaat
 |
|
| Julkinen osakeyhtiö (publicly traded corporation), | |
| Traded as | Nasdaq Helsinki: NRE1V |
| Industry | Manufacturing and service |
| Founded | 1932 as a tyre producer, 1988 as Nokian Renkaat Oyj (Nokian Tyres PLC) |
| Headquarters | Nokia, Finland |
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Key people
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Petteri Walldén (Chairman), Hille Korhonen (CEO) |
| Products | Tyres |
| Revenue |
 €1.391 billion (2016)
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€310.5 million (2016)
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| Profit |
€251.8 million (2016)
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| Total assets |
€1.975 billion (end 2016)
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| Total equity |
€1.458 billion (end 2016)
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Number of employees
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4,400 (end 2016) |
| Website | www |
Nokian Tyres plc (Finnish: Nokian Renkaat Oyj), headquartered in Nokia, Finland, produces tyres for cars, trucks, buses, and heavy-duty equipment. Known for its winter tyres, Nokian operates the only permanent winter tyre testing facility in the world. The company's Hakkapeliitta brand name is recognised in Finland as a reputable trademark.
Nokian Tyres concentrates on the consumer car and vehicle tyre replacement and premium snow tyre markets; they do not supply automobile manufacturers tyres for new car production. The greater prices consistently found in those markets result in higher profitability compared to the rest of the tyre industry. The company also produces retreading materials and tyre pressure monitors. It also previously manufactured bicycle tyres but currently licenses the Nokian name on bicycles tyres to another Finnish company. The Vianor retail tyre store chain, which services cars in addition to selling tyres, is owned by Nokian Tyres PLC.
The company traces its history to a groundwood pulp mill established in 1865. Car tyre production began in 1932 by Suomen Gummitehdas Oy (Finnish Rubber Works Ltd). A three-company merger formed the Nokia Corporation in 1967; Nokian Tyres Limited was established in 1988 as a joint venture company split from the conglomerate as Nokia Corporation started focusing entirely on the mobile communications business. Nokian is "Nokia" in the genitive, thus Nokian renkaat meaning "Tyres of Nokia". The European subsidiary of Japanese tyre company Bridgestone is currently the largest minority shareholder.
Early corporate predecessors of Nokian Tyres are the Nokia Aktiebolag (Nokia Company) and Suomen Kumitehdas Oy (Finnish Rubber Works Ltd.). In 1865, mining engineer Fredrik Idestam established a groundwood pulp mill on the banks of the Tammerkoski rapids in the town of Tampere, in southwestern Finland. In 1868, Idestam built a second mill near the town of Nokia, 15 kilometres (9.3 mi) west of Tampere by the Nokianvirta River, which had better resources for hydroelectric production. In 1871, with the help of his close friend, the statesman Leo Mechelin, Idestam renamed and transformed his mills into a share company, founding the Nokia Company.
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Wikipedia