NOKIA, Finland (Feb. 8, 2005) — Nokian Tyres P.L.C. has acquired its importer and tire wholesaler in Czech Republic and will use that entity as a base of operations to expand its presence in eastern Europe.
Nokian bought for an undisclosed price Andel Export-Import Spol s.r.o., which operates distribution centers in Prague and Jihlav. Andel reported sales of about $4.5 million in 2003.
“The acquisition ensures the sales growth for Nokian-branded tires in strategically important and fast-growing Eastern European markets. We will get the control of the whole logistics chain and a very healthy company,” said Kim Gran, president and CEO of Nokian Tyres.
The acquisition enables Nokian Tyres to concentrate its eastern and western European logistics operations in Prague. The company aims at getting a stronger foothold in the rapidly growing East European winter tire markets.