ENSCHEDE, Netherlands (Nov. 21, 2006) — Russian-Dutch tire producer Amtel-Vredestein N.V. and Continental A.G. have held discussions to evaluate “possible areas of cooperation in Russia,” but Amtel-Vredestein cautioned that the talks are at an early stage.
Russian media are reporting the talks involve Conti's buying a stake in Amtel-Vredestein, but neither company is commenting on the reports.
“These discussions are at an early stage and may or may not lead to any agreement,” Amtel-Vredestein said in a prepared statement released amid speculation by the Russian media. “A further announcement will be made in due course.”
Amtel-Vredestein is the merged operations of Holland's Vredestein N.V. and Russia's Amtel Holdings. The company sells tires under the Vredestein, Amtel and Maloya brands made at plants in Kirov, Voronezh and Moscow, Russia, and in Enschede.
The company reported $573 million in tire sales in fiscal 2005.