14 Dec 2005
Amsterdam, the Netherlands-Amtel-Vredestein NV announced 12 Dec that it is going to sell its Volgograd-based subsidiary llc Amtel-Carbon, for $21 million.
The buyer's name was not disclosed due to confidentiality provisions included in the sales agreement, said Amtel-Vredestein, in its statement about the divestement.
"The decision to sell Amtel-Carbon, which primarily produces carbon black used in tyre production, is in line with Amtel-Vredestein's strategy of focusing on the production and marketing of high-margin A- and B-segment tyres," said the Russian-headquartered tyre making group. Such tyres are used on premium (A) and mid-range (B) passenger vehicles.
"Our corporate strategy seeks to expand our position in the premium and value-for-money segments of the passenger tyre market and to develop our retail distribution channels," commented Amtel-Vredestein's general director Alexey Gurin. It allows the group "to dedicate more resources to our core business model," he added.
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