Expansion at Amtel’s Kirov Plant Slower Than Expected

Amtel-Povolzhye Tire Complex, Russia’s second largest tyre factory increased output by 35 per cent to 6,543,000 tyres in 2005 – less than the 44 per cent increase expected by analysts. According to Russian investment bank, Centre Invest, production at the factory was expected to increase to 7,000,000 tyres. “Although our expectations proved overly optimistic, we maintain our recommendation and fair price for the company, as its growth far outperformed expected growth rates for other Russian tyre manufacturers,” the analyst’s report commented.