3 Nov 2005
Nokia, Finland -- Nokian Tyres has purchased University Wholesalers Inc and University Wholesalers of New York in North America. The company said the two acquisitions are designed to strengthen its wholesales and logistics in the strategically important North American winter tyre markets. The purchase agreement was signed 28th of September, 2005. The seller was Mr. Bob Hepp and the management of the companies.
In a statement, Nokian said, "University Wholesalers operate as tyre wholesalers in the USA and they have had an important role as distributors of Nokian Tyres brand. The total net sales of the companies in 2004 were approximately USD 40 million and they employed some 40 people.
University Wholesalers' net sales and profits from the last quarter of the year 2005 will be consolidated into Nokian Tyres' figures.
The companies did not release financial details.
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