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Nokian Renkaat Apologizes for Past Tire-Testing Mistakes

  • Stock declines most in more than two years on newspaper report
  • Company says report refers to past mistakes since addressed
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Nokian Renkaat Oyj apologized for what it said were “mistakes in the past” after its shares plunged following a local media report that the winter-tire specialist may have manipulated test results for years.

The Finnish company said industry practices in past years “were dubious” but that Nokian Renkaat has clarified its rules to “specifically forbid any planning or manufacturing of tires that are targeted only for car media tests,” according to a Friday statement to the Helsinki stock exchange. The comments follow a report by business newspaper Kauppalehti that the company may have changed tire characteristics to achieve higher scores than competitors.