Nokian, Michelin partner in off-take production

NOKIA, Finland (Aug. 7)—Nokian Tyres P.L.C. and Groupe Michelin have agreed to set up a partnership through off-take production of car and heavy truck tires. The objective is to focus on core product groups and improve productivity, Nokian said. The agreement, to be finalized by the end of September, does not exclude cooperation with other tire makers, Nokian said. The companies did not specify whether they would be making tires for each other, or only one for the other. Earlier this year, Nokian said it was negotiating several cooperation deals that would allow it to outsource lower end tires and free up space at its factory in Nokia for higher value-added products.