Russian Joint Venture For Nokian And Amtel

Finnish company Nokian Tyres and Amtel Holding of Russia have signed a letter of intent to form a joint venture company to manufacture and market premium branded tyres in Russia and CIS countries. The JV – owned 50/50 by the two companies – will produce Nokian and Nordman branded tyres. The first Nokian tyres will be manufactured at the JV’s plant at Voronezh in 2004 and the maximum capacity of three million tyres is planned to be achieved by 2007.