In a release, the company said statutory negotiations concerning workers and staff at car tyre production and administration at Nokian Tyres' Finnish factory was completed on Monday.
The company said adjustments of production capacity and cost savings will be achieved by reducing 122 people. The negotiations concerned a total of 900 employees.
Earlier during the start of the statutory negotiations, the company had appraised the redundancy need to a maximum of 150 employees.
“Personnel reductions are always unfortunate. Despite the cuts the role of our Nokia factory remains important, not only for the volumes it produces but also in developing new products and production processes,” said Ari Lehtoranta, CEO of Nokian Tyres in the release.
The company goal is to save around euro eight million annually.
