Vredestein Archives - Page 25 of 37 - Tyrepress

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Voronezh Factory to Pay no Amtel-Vredestein Dividend

Russian media has reported that Amtel-Vredestein shareholders will receive no 2007 dividend from the Amtel Chernozemye tyre factory in Voronezh, Russia, following a decision made at the facility’s annual meeting on June 9. The 2007 profit will instead be retained.

A second tyre making facility at the site – Voronezh-2 – is scheduled to enter series production in the near future, and will have a capacity of 2.5 million tyres per annum. The Voronezh-2 plant will bring the number of facilities operated by the company to four; factories also operate in Kirov (Amtel Povolzhye) and the Enschede, the Netherlands (Vredestein).

19th June 2008/by Tyrepress Editors

Tyre Industry Response to REACH Legislation

Due to be phased in over the next 10 years, the European Union’s chemical usage legislation REACH – dealing with the Registration, Evaluation, Authorisation and Restriction of Chemical substances – holds implications for many at all levels of the tyre industry. Most specifically, the legislation’s requirement of businesses to register chemicals they produce or use has obvious repercussions for raw material suppliers and manufacturers. Recognising this, the European Tyre & Rubber Manufacturers’ Association (ETRMA) – which represents the EU’s 11 top tyre manufacturers, namely Bridgestone, Continental, Cooper Tires, Goodyear Dunlop, Marangoni, Michelin, Mitas, Nokian, Pirelli, Trelleborg Wheel Systems and Vredestein – discussed the progress of researchers over the past 16 months at the international Tyre Industry CEO Meeting in Tokyo on 12 June alongside representatives of the US, Korean and Japanese industries.

18th June 2008/by Tyrepress Editors

Russian Antimonopoly Body Studying Amtel-Vredestein Submission

Amtel-Vredestein has approached Russia’s Federal Antimonopoly Service, requesting permission to buy 100 per cent of Sibur Russian Tyres. Consent from the antimonopoly office would permit the two companies to progress with their plans to join together. While Amtel-Vredestein would initially purchase the assets of Sibur Russian Tyres, the Russian company would then buy sufficient shares in Amtel-Vredestein to give it control.

The Federal Antimonopoly Service said on June 3 it requires additional time to study the application.

9th June 2008/by Tyrepress Editors

Amtel-Vredestein 2007 Financial Highlights Reveal Sales Growth

Full year 2007 financial highlights for Amtel-Vredestein have been made public and show a 22 per cent increase in net sales to US$997.4 million. This sales growth, says the company, can be primarily attributed to increased production and growing demand for Amtel-Vredestein tyres in both the OE and replacement tyres markets, as well as higher sales of the Company’s AV-TO unit due to the acquisitions of the autoparts and tyre wholesale businesses Pigma and Megashina in 2006, and the increased number of retail stores in the latest consolidated results.

Sales from the company’s Russian manufacturing operations, excluding the AV-TO unit, grew 14 per cent in the 2007 financial year, to $442 million, and sales from the European Vredestein Banden B.V. operations grew 18 per cent to $403 million. The company reports that its core passenger car tyre business is driving much of this growth: Net revenue from passenger car tyres grew 21 per cent to $615.8 million, and represented 62 per cent of total sales during the period. The company reports peak demand for its Vredestein and Amtel brands plus additional sales volume via its retail and wholesale channels.

2nd May 2008/by Tyrepress Editors

Amtel-Vredestein – Agreement with SRT Not Yet Reached

Amtel-Vredestein reports that discussions between the company and Sibur-Russian Tyres, and parent company Sibur Holding JSC, are continuing. However, Amtel-Vredestein adds that no agreement has yet been reached. Furthermore, says Amtel-Vredestein, no offer has been either made or accepted by any party, therefore the full range of strategic and financial options available continue to be explored.

11th April 2008/by Tyrepress Editors

KRT to Show ‘Ever Increasing Line-Up’

Kings Road Tyres’ (KRT) appearance at this year’s Essen Show will mark 10 years of the company exhibiting at Essen. During this time the company has become one of the largest independent distributors in the UK and Ireland. With an inventory in excess of 7million pounds, to cover all categories of tyres and tubes, KRT claims to have the biggest penetration into the market for Truck and Agricultural tyres, substantiated by the company’s comprehensive portfolio of brands.

KRT’s agricultural stock range includes brands such as Bridgestone/Firestone, Goodyear, Jetire, Pirelli/Trelleborg, Stomil/Kormoran, Taurus, Vredestein (free rolling), and Michelin (newly appointed wholesaler). The company’s truck range is just as wide. KRT reports that it is “committed to offering customers a product to suit both quality and price” and this means that brands such as Bridgestone, Continental and Dunlop to Firestone and the wholesaler’s own brand Kingstone, all the way through to their economy Kumho range and their very latest additions of – Infinity and Aeolus.

7th April 2008/by Tyrepress Editors

Amtel Sells Moscow Tyre Plant to Midland for $77million

Amtel-Vredestein has sold its CJSC Moscow Tyre Plant-M (MTP) wholly-owned subsidiary to one of the companies of Midland Resources Holding Limited for $77 million. OJSC Amtel-Vredestein acquired MTP in 2006 from OJSC Moscow Tyre Plant, a holding company controlled by the City of Moscow.

According to Amtel-Vredestein, the total transaction’s value is $77 million, a figure that comprises 100 per cent of the shares of MTP and all inter-company debts to Amtel-Vredestein companies, plus external MTP debts that have been assumed by the buyer. As part of the transaction Amtel-Vredestein reports that the company is considering the possible sale of existing equipment within MTP. Proposals include the possible sale and relocation of the equipment to other Amtel-Vredestein plants for internal use.

28th March 2008/by Tyrepress Editors

No Cooperation between A-V & SRT Until Debts Restructured

The previously discussed merger or cooperation between Amtel-Vredestein and Sibur Russian Tyres has, according to a source within Sibur Russian Tyres, been put on hold until the former company’s debts have been restructured. Reuters reported this development on March 24, four days after Amtel-Vredestein announced what it calls a “restructuring proposal for its debt obligations.”

On March 20 Amtel-Vredestein said that, further to the announcement the company made on January 29, the company’s Russian subsidiary will reorganise its current and long-term debt obligations with the majority of its current lenders. Talks with lending banks are said to be ongoing.

25th March 2008/by Tyrepress Editors

Amtel Vredestein Shuts Down Moscow Tyre Plant

Amtel Vredestein has reportedly shut down production at the Moscow Tyre Plant. Informed sources told Tyres & Accessories that the move paves the ways for the sale of the factory’s tyre production equipment. The news came only a day after the AK&M agency reported that Alexei Gurin has been appointed as the director general of the Moscow Tyre Plant. This report stated that the plant continues to manufacture pneumatic tyres for cars and trucks under the Taganka trade name. No-one at Amtel Vredestein’s press department in Russia was available to comment.

18th March 2008/by Tyrepress Editors

Vredestein Joins TyreSafe

Dutch tyre manufacturer Vredestein has become the latest company to join TyreSafe. The inclusion of Vredestein brings the total number of UK companies supporting TyreSafe to 19 The newly appointed managing director at Vredestein, Stuart Jackson, was reportedly instrumental in the decision to become a full member of TyreSafe. “Despite being in the automotive industry constantly for 17 years, I am new to the tyre industry,” said he commented,” however, I quickly realised the important part that the organisation has played, and will continue to play, in raising the awareness of tyre safety – an objective that we at Vredestein consider to be vital to our own marketing objectives.”

7th March 2008/by Tyrepress Editors

Amtel Mortgages Retain Chain for Materials – Report

Reports out of Moscow say that struggling Amtel-Vredestein is using its retail chain as collateral to obtain tire raw materials from rival Sibur-Russian Tyres.

The feedstock will be directed to A-V’s plant Amtel-Volga. The collateral against the loan, not to exceed $20 million, according to reports, is A-V’s AV-VTO retail store chain, currently valued at $150 million. (Tire Review/Akron)

22nd February 2008/by Tyrepress Editors

Amtel-Vredestein Reports Production Resumed at Kirov Facility

Amtel-Vredestein has responded to recent media speculation over a halt in production at its Amtel-Povolzhye facility, claiming that production resumed at the plant on February 15. The company reports that operations “continue as usual” at the facility, located in the Russian city of Kirov, following a “temporary suspension in the supply of raw materials that led to a disruption in production on 11 February.” This downtime, claims Amtel-Vredestein, was utilised to complete scheduled equipment maintenance and repairs.

21st February 2008/by Tyrepress Editors

Sibur-Russian Tyres Willing, If A-V Can Clear Debt

According to unconfirmed reports, Sibur-Russian Tyres has agreed to some type of merger with troubled Amtel-Vredestein provided the later can restructure its current debt load.

The reports said that Sibur-Russian Tyres gave Amtel-Vredestein two months to rework its loans or even repay some of all of the loans. However, given the current worldwide financial crisis, it is not expected that banks will make major concessions, the reports said. (Tire Review/Akron)

15th February 2008/by Tyrepress Editors

Amtel-Vredestein & Sibur Hold Business Combination Discussions

A statement released by Amtel-Vredestein on January 31 indicates the company has entered preliminary discussions with Sibur Holding Joint-Stock Company regarding a possible business combination with its Sibur-Russian Tyres subsidiary. As a result of such a business combination, says Amtel-Vredestein, Sibur may become one of the principal shareholders in the combined business through the issue of new equity.

1st February 2008/by Tyrepress Editors

Amtel-Vredestein & Sibur in Merger Discussions

Amtel-Vredestein appears to be favouring the idea of a merger with Sibur-Russian Tyres. According to a statement released by the company on January 31, it has entered into preliminary discussions with Sibur Holding Joint-Stock Company regarding what it calls a possible “business combination” with its Sibur-Russian Tyres subsidiary. This news came just two days after Amtel-Vredestein reported difficulties re-financing its short term debt, and an article published in Russia’s Kommersant news says the company has requested “short term financing” from Sibur, although the amount of such a loan and how it would be used was not specified. Amtel-Vredestein is apparently also seeking from Sibur a supply of synthetic rubber for its facilities in Russia.

1st February 2008/by Tyrepress Editors