Nokian experiences sales decline in first quarter
Nokian Tyres plc posted net sales of 155.6 million euros for the first quarter of 2009, down nearly 37% from the same period in 2008.
The passenger car market is "clearly down," according to Nokian officials, due to low demand caused by the ongoing global recession.
However, North America was a bright spot for the company during the first quarter, generating a 26.2% sales increase.
Looking ahead, Nokian plans to concentrate on its cash flow and "strengthen its market positions," while launching new products and expanding its Vianor network of company-owned stores.