Amtel-Vredestein reports sales gains
Amtel-Vredestein N.V.'s sales for its fiscal 2007 year rose 29.4% over previous year levels to $994 million. The gain is primarily due to "increased sales to the original equipment market," say Amtel officials.
"Generally, demand for Amtel-Vredestein tires rose steadily" during 2007.
Looking ahead, Amtel officials say their ultimate goal is to "de-leverage" the company to ensure future growth. "Major actions to accomplish his include negotiations with creditors on debt restructuring and with market peers on possible business combinations."
Earlier this summer, Amtel-Vredestein announced its decision to merge with Sibur-Russian Tyres, a property of Sibur Holding.
Amtel's board believes the merger "will create Russia's largest diversified tire producer with exposure to the most lucrative segments of the tire market."