NOKIA, Finland (Dec. 2)—Nokian Tyres P.L.C. has completed the sale of its bicycle tire business to another Finnish rubber product maker.
Suomen Rengastehdas Oy, a subsidiary of Suomen Kumitehdas Oy, bought the business, including the factory in Lieksa, Finland, for $4.8 million. The buyer also will take over making heavy inner tubes for Nokian and provide contract manufacturing services in this area, Nokian said.
The bicycle tire business generated sales of nearly $6 million and operating profits of $535,000. The unit produced 784,000 bicycle tires in 2003.