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    TYRES   FI0009005318

NOKIAN RENKAAT OYJ

(TYRES)
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Nokian Renkaat Oyj : WIND POWERED ELECTRICITY FOR NOKIAN TYRES' FINNISH FACTORY

09/24/2021 | 02:12am EST
Fri September 24 09:00 am 2021 in category Articles WIND POWERED ELECTRICITY FOR NOKIAN TYRES' FINNISH FACTORY

Nokian Tyres has signed a 10-year agreement with the Nordic energy company Gasum to supply renewable wind energy for the electricity used in the Finnish factory and in Vianor operations in Finland. The power will be produced by a new wind farm in North Ostrobotnia and the supply starts in 2023.

Nokian Tyres has used electricity from entirely renewable sources in the Finnish factory already since 2019. The agreement with Gasum ensures the availability of green electricity also in the future.

"This is another step on our way to cut CO2 emissions according to our ambitious Science Based Targets and our commitment to renewable energy. We have already installed solar panels on the rooftop of our warehouse in Nokia, Finland, above the parking lot of our factory in Dayton, USA, and in our new testing center in Spain", says Teppo Huovila, VP, Quality & Sustainability, Nokian Tyres.

Nokian Tyres was the first tire company to have its climate targets for cutting CO2 emissions officially approved by the Science-Based Targets initiative. The strong demand for renewable energy accelerates investments in wind power and supports the transition toward a carbon neutral society.

According to the Finnish Wind Power Association, the share of wind powered electricity has multiplied by 20 times in ten years, and last year nearly 10% of electricity used in Finland was generated by wind.

Disclaimer

Nokian Tyres plc published this content on 24 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 September 2021 06:11:03 UTC.


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Sales 2021 1 644 M 1 866 M 1 866 M
Net income 2021 234 M 265 M 265 M
Net cash 2021 11,1 M 12,6 M 12,6 M
P/E ratio 2021 19,3x
Yield 2021 4,20%
Capitalization 4 503 M 5 075 M 5 111 M
EV / Sales 2021 2,73x
EV / Sales 2022 2,54x
Nbr of Employees 5 080
Free-Float 89,8%
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Mean consensus HOLD
Number of Analysts 17
Last Close Price 32,58 €
Average target price 31,83 €
Spread / Average Target -2,29%
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Jukka Matias Moisio President & Chief Executive Officer
Teemu Johannes Kangas-Kńrki Chief Financial Officer
Jukka Hienonen Chairman
Juha Pirhonen Vice President-Research & Development
Frans Westerlund Head-Information Technology & Processes
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