Amtel confirms Vredestein purchase

Dec. 8, 2004

Russian tiremaker Amtel has confirmed that it will acquire Vredestein Banden and is planning initial public offerings on the Moscow and London Stock Exchanges, according to a Tyres & Accessories report.

The listings are scheduled to take place during the fall of 2005 or spring of 2006.

Amtel will take over all of Vredestein´s operating subsidiaries "engaged in the production, distribution and sales of tires and off-take arrangements, as well as Vredestein Banden’s trademarks, patents and other intellectual property," according to Amtel officials.

Integrating Vredestein´s operations will make Amtel a $1 billion company. The purchase is expected to close in February.