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 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.
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.
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.
(Akron/Tire Review) Amtel-Vredestein NV has completed an agreement to sell its Volgograd-based subsidiary, Amtel-Carbon, for $21 million, according to Russian and European news reports. Amtel-Carbon primarily produces carbon black used in tyre production. The buyer’s name was not disclosed, but the decision was described as part of the manufacturer’s strategy to focus on tyres for premium and mid-range vehicle segments.
Amtel-Vredestein OJSC, Amtel-Vredestein Holdings’ Russian operation, has appointed a new deputy general manager. In his new position Dmitry Zubkov will take responsibility for investor and press relations. The announcement follows the news that Mr Zubkov’s predecessor, Gernardi Frolov, has left the company.
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.
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.
(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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