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Troubled Tyre Maker Vredestein Has New Owner
MOSCOW, Russia – The future of bicycle (and car) tyre manufacturer Vredestein has been assured for the years to come. During the past months Amtel-Vredestein found itself in financial problems and had to reorganize.
Yesterday it was announced that the Russian petrochemical company Sibur acquired 70% of the Amtel-Vredestein shares. This take over will result in sufficient financial support for Amtel-Vredestein to continue its activities.
Sibur Russian Tyres, one of Sibur’s subsidiaries producing (bicycle) tyres, will be united with Amtel-Vredestein. Holding Sibur is said to be the largest tyre maker in Central and Eastern Europe with an annual production of over 12.5 million car, truck, agricultural, industrial and two-wheeler tyres. In 2007 the company controlled some 33% of the tyre market in Russia.
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