Nokian: 'Expect more raw material price hikes'
Nokian Tyres plc expects the rapid increase in raw material prices to continue unabated with a 10% to 12% hike in Europe vs. 2009 raw material price levels.
The 10% to 12% estimate is roughly 6% more than Nokian officials originally predicted. "This will affect Nokian Tyres' results in the second half of the year," company officials said during a recent presentation in Finland.
Nokian plans to hike prices in June as a result of raw material cost increases. The company also will shift its product mix in order to compensate for the dramatic increases.