Amtel Revenues up 18 per cent
Amtel Holdings Holland (AHH) has announced that company revenues grew to $451 million in 2004, up 18 per cent. “Amtel produced more than 14 million tyres in 2004, making it a record-breaking year,” Mr Gurin noted. The unaudited results were made public by AHH managing director, Alexei Gurin, during a press briefing at Russia’s biggest annual tyre exhibition – Tires & Rubber 2005.
In the first quarter of 2005, Amtel intends to finalise its purchase of Vredestein Banden. “This acquisition makes Amtel a global company and provides access to additional technology and manufacturing expertise, European and North American distribution networks, a unique and market-focused product mix and additional management and human resource capabilities,” said Amtel president Sudhir Gupta.
“2004 was another exceptional year for AMTEL,” said Mr Gupta. “We significantly increased production capacity, sales, profits and market capitalisation,” he added. “Moreover, we virtually completed our three-year, $200 million programme of our state-of-the-art production facilities modernising and expanding.”
“The 21 per cent year-on-year increase can be attributed to the launch of the Amtel-Chernozemye I production line, in which Amtel invested over $50 million in 2004. The past year was also a milestone for Amtel due to the successful first mass-production of domestic brand-name tyres that are equal to or better in quality than those of international competitors,” commented Mr Gurin.
2004 was also marked by the sale of a 10 per cent stake in Amtel to more than 20 institutional investors from the US, Sweden, Finland, Switzerland and other countries.