Nokian, Michelin off-take pact on target

NOKIA, Finland (Sept. 29)—Nokian Tyres P.L.C. and Groupe Michelin have signed the ``frame agreement´´ concerning their off-take co-operation agreement, paving the way for Michelin to start production of Nokian-brand tires before year-end. Details of the agreement—e.g., which specific tires and to what extent they will be produced—still are being negotiated, a spokesman said. The companies hope to finalize these details during October and to start the first phase in tire production before year-end. 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.