Amtel-Vredestein N.V. has today announced that its new OJSC AV-TO tyre retail subsidiary has acquired 63 additional multi-brand tyre sales and service centres. These are in major cities across Russia – and include the Horoshie Kolesa (“Good Wheels”) and Nordshina chains in St. Petersburg.
Amtel-Vredestein NV has announced that it has selected Oracle E-Business Suite for its corporate information system at a press conference held in Moscow at Oracle’s APPS FORUM 2006. Based on Oracle’s E-Business Suite platform, the new system will help to enable centralized and effective financial and logistics management, strict cost allocation and price control at all stages of production.
Amtel-Vredestein is to issue a four-year credit-linked note for 100 million euros ($119.8 million) within the next two months, the company chief executive recently told the Reuters news agency. “There are some technical issues to tackle. Once we have resolved them with banks, we believe we will launch these CLNs within one-and-a-half to two months,” Alexei Gurin told reporters.
(Akron/Tire Review) Vredestein Tyre North America has moved to larger offices in New Jersey. The company said the previous office space “became too small,” and the larger quarters will give it ample to grow. Vredestein’s new US address is: 13 Bridge St., Metuchen, NJ 08840. Phone and fax numbers remain the same.
(Akron/Tire Review) Vredestein Tyres North America plans to introduce the new Ultrac Sessanta later this year, which the company says is its “newest trump card in the UHP segment.”
Giugiaro Design has also created a restyled logo for Vredestein. “The design of the new logo is more streamlined and the lettering is more powerful,” the company said. “The new logo is more in line with Vredestein’s image and Vredestein’s quality products in the top sports segment.”
This year’s Monte Carlo Rally was certainly an occasion to remember for Pippa Inglis, who works for Vredestein UK. A keen rallying fan, Pippa and Belgian driver Pat Lambert took part in the event, driving a Porsche 356 SC, shod with Vredestein tyres, naturally. Not only did the duo complete the event, but they finished in an impressive 23rd place and, as the highest-placed female team, were awarded the Coupe des Dames (Ladies’ Cup).
Amtel-Vredestein N.V. has appointed Victor Tuluk as general director of Amtel-Chernozemye Tire Production Complex in Voronezh. He replaces Vyacheslav Chemerinsky.
Vyachelsav Chemerinsky, who leaves the company to pursue other interests, will remain a member of the board of directors at Amtel-Chernozemye. He is also a deputy of the Voronezh Duma. “Vyachelsav has expertly managed the arduous task of bringing our Voronoezh facility into the 21st century. We are grateful he will remain on the plant’s board,” said Amtel-Vredestein CEO, Alexei Gurin.
Vintage Tyres, has announced that from March the company intends to expand its delivery service and offer free delivery on all their products to any UK mainland destination. “Free delivery is the final stage in keeping with our total customer support ideals, orders taken before 3pm will be despatched on the same day and should arrive within 48 hours,” said managing director, Chris Marchant.
Amtel-Vredestein N.V. has announced plans to issue credit linked notes (CLN) for 100 million Euros during the first quarter of 2006. The CLN issue will be used to finance the company’s retail expansion and to refinance debt. The term of the security will be four years with a two-year put option. The coupon will be paid twice yearly. According to the company, the issue lead manager is Alfa-Bank, Russia.
Amtel-Vredestein has named Antonius (Ton) Tholens, as its new Chief Financial Officer. Tholens, who also serves as a member on AV’s executive board, replaces outgoing CFO, Victor Nekrassov.
“Ton is already one of our group’s most valued executives. We are delighted that he will now be at the financial helm of Amtel-Vredestein NV,” said CEO, Alexei Gurin.
Amtel-Vredestein NV has confirmed that it has sold its Krasnoyarsk tyre complex to a Russian company, Vostokshinainvest. The company previously disclosed its intent to dispose of the facility in an announcement on 22 December 2005. The Krasnoyarsk plant is a Soviet-era facility that primarily produces truck, agricultural and “C” segment tyres which do not fit the company’s current strategy of focusing on the production and marketing of high-margin A and B-segment tyres used on premium and mid-range passenger vehicles.
Troika Dialog, the oldest investment bank in Russia, has rated Amtel-Vredestein stock as “hold,” with a fair value of $11.06. According to the bank, the company “appears to have the means to deliver significant income growth in 2006.” However, Troika analysts also state their concern that “corporate governance practices, a tendency to grow debt and sudden swings in capital expenditure are holding back its valuation.”
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.
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.
The Tyre Industry Federation (TIF) has strengthened its position as the leading authority for the tyre industry by voting to accept the Industrial Tyre Association, National Tyre Distributors Association, Retread Manufacturers Association and Tyre Recovery Association. The federation now includes all the significant associations within the tyre industry and is representative of the whole tyre supply and disposal chain in the UK.
If you would like the latest news from the Chinese tyre industry in Chinese, visit our partner site TyrepressChina.com. Or click below to continue on Tyrepress.
