Amtel completes acquisition of Vredestein
Amtel Holdings Holland N.V., parent company of leading Russian tiremaker Amtel Group, has finalized its purchase of Netherlands-based tire manufacturer Vredestein Banden B.V.
The purchase helps Amtel expand its operations in Europe, North America and the former Soviet Union.
Amtel's total production equals 22 million tires a year.
"This acquisition provides us access to technology and manufacturing
expertise, European and North American distribution networks, a unique and market-focused product mix, and additional management and human resource capabilities," says Amtel CEO Alexei Gurin.
Vredestein Banden, the parent company of Vredestein Tyres North America Inc., achieved sales of more than 230 million euros in 2004.
"Vredestein will continue to focus on manufacturing high- and
ultra-high performance tires, as well as research and development and industrial design programs," says Vredestein Banden CEO Robert Oudshoorn.
"We look forward to working closely to achieve a successful integration of both companies."