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Amtel-Vredestein reports sales gains

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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."

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