NOKIA, Finland—Nokian Tyres P.L.C. is planning to significantly increase its sales in the U.S. and central Europe throughout the next five years, according to CEO and President Hille Korhonen.
"We are aiming at doubling our sales in North America and growing our sales by 50 percent in central Europe in the next five years, as well as maintaining our market leader positions in the Nordics and Russia," Korhonen said in Nokian's financial results statement Oct. 31.
The Nokia-based tire maker has two ongoing expansion projects—a manufacturing facility in Dayton, Tenn., and a technical center in Spain. Both, Korhonen said, will play a key role in the company's "next stage of growth.
Construction on Nokian's Dayton fatcory is proceeding as planned; Commercial production is expected to begin in 2020. The technical center project also is on schedule, the company said.
Nokian's sales in North America were up 7.5 percent in the quarter and 10.7 percent for the first nine months of fiscal 2018, putting the firm on target for roughly $210 million in revenue there for the full year.
North America showed the most growth in the period, Nokian's figures show, pushing the region's share of the firm's global revenue to 12.1 percent.
To support further growth, Nokian stated that it was investing in sales and marketing in central Europe and North America and "building scalable business platforms."