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Imported Car Sales On the Increase in Russia

Sales of cars imported into Russia more than doubled in the past year, as more of the country’s burgeoning middle class switch to non-domestic makes. The sale of cars imported into Russia is expected to continue to boom in Russia over the next few years, although the market share of used foreign models is expected to decline steadily.

The popularity the foreign makes, led by Hyundais, Chevrolets and Toyotas, is believed to have been a key factor behind the increase of foreign car sales to almost 600,000. Rising disposable incomes and zero import duty on car components, is also encouraging the large car producers to build assembly plants in Russia.

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Amtel-Vredestein CFO to Join Investment Bank

Amtel-Vredestein NV (AV), a pan-European tyre manufacturer with operating facilities in Russia and the Netherlands, today announced that its chief financial officer, Victor Nekrasov, will leave the company to join a leading international investment bank.

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Amtel-Vredestein Expands its Retail Network beyond Moscow

Amtel-Vredestein NV has acquired six multi-brand tyre sales and service centres from the Vils Group in the Perm region of Russia. The company currently operates outlets in and around Moscow. Perm is located approximately 1300 kilometres east of Moscow along the western slope of the Ural Mountains.

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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.

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Woman Killed at Voroznezh Rubber Plant

One woman was killed and two more were seriously injured during a fire at the synthetic rubber plant in Voronezh, Russia sources at the Russian Ministry for Emergency Situations told the Itar-Tass news agency.

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Ural Tire Plant to Produce Winter Tyres

The Sibur-owned Ural Tire Plant Ltd in Yekaterinburg, Russia has launched the production of the new Tunga and Tunga-Master winter tyres. A special rubber mixture with enhanced elasticity is reportedly used in the production of the new generation of branded tyres.

Sibur launched Tunga in March this year alongside its Cordiant passenger tyre brand. The first Tunga tyres will be available in size 175/70 R13, while Tunga Master will be released in 185/60 R14. Several new sizes, including Tunga Master 13 and 15 inch variants are planned for next year.

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Goodyear Steps Into Russian Retail

Goodyear has taken its Premio franchise to Russia, opening its first store on 10 November. According to a Kommersant report, the company hopes to sign up around a dozen stores in Podolsk, Kalinigrad, Omsk, Rostov, Volgograd and other Russian towns before the end of the year. The establishment phase of the Premio chain is expected to be completed by 2008 Konstantin Alexeev, retail development manager at Goodyear Russia told the newspaper. The company reportedly invests $20,000 to $30,000 in the launch of each store, Alexeev explained.

By establishing a retail presence, Goodyear appears to be attempting to catch up with its competitors. Michelin, Bridgestone and Pirelli launched their projects as far back as 1999. Nokian Tyres set up its Vianor chain, while earlier this Autumn Amtel acquired more than 40 having bought out three Moscow retailers – Rosshina, Koleso, Profil.

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Amtel-Vredestein Valued at $742 million after London IPO

Amtel-Vredestein’s London IPO has raised $201 million from the sale of 27.1 per cent of its shares, valuing the company at $742 million in total. The total value is less than the $1 billion the company had hoped for, although insiders are said to be pleased with the result.

Amtel-Vredestein lowered the price of its initial public offering after some investors shied away from the initial price range. News sources had also reported that the placement looked expensive compared to the $70 million the company got for selling a 12.4 per cent stake to Russia’s Alfa Group and Temasek Holdings, Singapore’s state-owned investment company, in July.

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Amtel Minimised Taxes

Russian-Dutch tyre maker Amtel-Vredestein has admitted to using tax optimisation schemes up to 2002, according to Russian newspaper Vedomosti. The report refers to a period before Amtel bought Vredestein and comes after Amtel-Vredestein set an indicative range of $13 to $16 per Global Depositary Receipt in its London IPO, which is expected to raise around $300 million and value the company at $1.2 billion.

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Amtel-Vredestein Buys Russian Retail Stores

(Akron/Tire Review) Amtel-Vredestein, the new company formed to manufacture and market Vredestein and Amtel tyres throughout Russia, has purchased 40 retail tyres stores in that country. In an interview with Tire Review in August, Alexi Gurin, CEO of Amtel-Vredestein, hinted that the company might pursue a retail strategy, saying it would make sense there. Amtel-Vredestein reportedly plans to own as many as 300 retail outlets. The recently purchased outlets come under a variety of banners. No new name has been decided by Amtel-Vredestein, but the company is looking to consolidate all of its stores under one market name.

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Nokian: Sales Up, Profits Unchanged

Nokian’s net sales between January and September were up 13.7 per cent to 445.6 million euros compared with 392 million the year before. Operating profits totalled 65.1 million euros, virtually the same as last year. According to Nokian, the company’s target is to increase sales while keeping operating profit margins constant.

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Kazakstan President Visits InterKomShina

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The President of Kazakhstan, Nursultan Nazarbayev, has visited InterKomShina JSC in Shymkent, South Kazakhstan. This company is engaged in the production of tyres for light vehicles and road freighters, agricultural machines and special equipment. InterKomShina claims to be the only tyre manufacturer in central asia.

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Amtel-Vredestein IPO to Raise $308 million

Amtel is offering as many as 19.23 million Global Depositary Receipts, each backed by one ordinary share, at $13 to $16, the company reported. Russian companies have raised about $3.5 billion in share sales in 2005, more than in the 13 years since communism’s demise, the Interfax news agency has reported.

That stake, which includes as many as 11.54 million new shares, will equate to 29.5 per cent of Amtel, valuing it at as much as $1 billion. The company originally said it would sell 25 per cent of its stock. Now Amtel is offering 19,230,770 common shares, including 7,692,308 existing shares. The remainder of the offering will consist of new shares.

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Amtel-Vredestein Launches “Premium” Vredestein Brand in Russia

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(Akron/Tire Review) Since its formation in the aftermath of communism in Russia, Amtel has had its eye on greater things. Once a collection of low-tech, Soviet-era tyre factories, bought up by founder and India native Sudhir Gupta, Amtel has invested heavily in modernising its plants and improving its tyre technology.

Steady growth gave the company the capital to make a bold move, which it completed in April with the acquisition of Dutch tyremaker Vredestein Banden. Now, it has unleased that top-shelf tyre brand on the Russian market.

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Romanian Graduates More Motivated than German Counterparts

Romanian university graduates are self-motivated and optimistic about the future, a survey commissioned by Continental AG has found. Although strongly attached to their home country, they are basically willing to relocate, with a career preference for Western countries and, above all, the United States. On the other hand, they would flatly reject a job offer in neighbouring East European countries like Russia or Ukraine, regardless of how attractive the position might be. Equally unpopular are offers from China or Brazil.

In general students feel they have received a good education although they are said to “greatly regret not having received much practical experience.” Continental is one of the largest investors in Romania and runs plants in Timisoara, Sibiu and Satu Mare.

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