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Nokian: 'Expect more raw material price hikes'

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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.

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