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Nokian shareholder boosts stake

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Nokian shareholder boosts stake

One of Nokian Tyres plc's shareholders, United Kingdom-based Black Rock Investment Management Ltd., has increased its stake in the Finnish tiremaker to slightly more than 10%.

The increase resulted from a share transaction that took place on April 30. As a result, Black Rock holds more than 12 million shares in Nokian.

In other Nokian news, the company will initiate statutory negotiations on May 10 with the aim of adjusting its "production and supporting functions... to the stabilized order base and shift system," according to company officials. "The adjustment measures are estimated to concern approximately 10 office employees and 60 blue-collar employees."

The planned adjustment consists of changing some of the rotating layoffs initiated in January 2009 to full layoffs.

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