NOKIA, Finland—Heavy tire demand is slipping, and the market changing.
So Nokian Heavy Tyres Ltd. plans to adjust its production throughout the coming months. The moves are expected to impact 160 employees at the company's Nokia facility and likely will result in layoffs.
The Nokia-based tire maker said May 2 that it will launch negotiations to "adapt production" to meet the changing industry demands and expectations. Factors driving the change, Nokian said, are both production- and financial-based.
Nokian did not say how much production it intends to cut, nor did it say if or when it expects to reinstate current production levels.