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Amtel Expands into Europe

Following the news that Amtel was in “detailed discussions” with Vredestein Banden, Amtel president, Sudhir Gupta has confirmed that his company will buy Vredestein Banden and that it is planning initial public offerings (IPO) in London and Moscow in the next two years.

According to Dr Gupta, Amtel is planning a primary listing on the London Stock Exchange followed by a secondary listing on the Russian Stock Exchange. In a conversation with far eastern business publication, Business Times, Dr Gupta explained why the IPO would take place in London and not New York. “Europeans always understand Russia better than the Americans and most of the investment in Russia is European. That’s why we think London is a better place to list.” The secondary listing is also the result of ‘encouragement’ from the authorities for successful companies to list on the Russian Stock Exchange, and because “the stock exchange has good liquidity because of high oil prices.”

The listings are due to take place in one of two time frames; either October to November 2005 or April to May the year after, the Amtel president said. Currently, Dr Gupta owns about 85 per cent of Amtel. An international investment fund managed by Templeton Asset Management Ltd, owns 5.65 per cent, while 10 per cent of Amtel’s shares were recently sold in a private placement for $34.2 million. These shares were bought by about 22 institutional investors in Europe, the US and Russia.

It is clear that a key part of Amtel’s expansion plans will involve venturing outside of Russian borders. One part of this is the company’s purchase of Vredestein Banden. By purchasing the Dutch company, Amtel appears to have been aiming to buy a ready-made foothold in the market. At the moment Vredestein sells 40 per cent its tyres in Europe’s biggest market (Germany) and has well organised distribution operations across Europe.

8th December 2004/by Tyrepress Editors

Vredestein to Increase Prices in Germany

The growing raw material prices have now also affected Vredestein’s price structure in Germany. Passenger car summer tyres, light truck tyres as well as all-season tyres will be 2.5 per cent more expensive from January onwards. The prices for agricultural tyres will be even increased by four per cent.

24th November 2004/by Tyrepress Editors

The Russians want Vredestein

Russia’s largest tyre manufacturer, Amtel, wants to take over Vredestein’s tyre unit. The Dutch manufacturer’s CEO, Rob Oudshoorn, confirmed with Tyres & Accessories that “detailed discussions” are well underway and an acquisition could take place in early 2005.

5th November 2004/by Tyrepress Editors

Vredestein Launch UHP Winter Tyre

According to Vredestein, winter didn’t begin until it had launched its new winter tyres. Described as “extreme design and function combined in an ultra high performance winter tyre,” the Swiss launch of the Dutch company’s latest offering was always going to be an interesting event. So far the company has remained tight-lipped about its latest product. Tyres & Accessories will report from Switzerland where invited guests will be given the opportunity to test the new tyre under what the company calls “extreme conditions,” including mountain top snow.

3rd November 2004/by Tyrepress Editors

Vredestein Presents All-Round Winter Performance

Vredestein has released a new ultra high performance tyre, the Wintrac Xtreme. Launched at a glitzy ceremony in a setting surrounded by mountainous Swiss scenery, the Dutch tyre manufacturer is clearly looking to make a statement with its newest product.

The Wintrac Xtreme is the first winter tyre Vredestein has produced in collaboration with design partners Giugaro. The company describes its aggressively firm lines and W-shaped tread as “powerful” selling point. The tyre features rim protection and will be available in sizes 205/55 R16 94 – 265/35 R18 97. It is, perhaps, a coincidence that the new product features a W shaped tread and has either a V or W speed rating, depending on size.

Vedestein’s UK managing director, Bert Stellinga, sees the new products as a kind of ultra high performance all-round winter tyre and, although it is capable of dealing with snow and ice, is keen to highlight the broad range of benefits associated with its product. “In wet conditions of up to 20’C, this one is just better.” According to the Mr Stellinga, if you want to drive your vehicle to full capacity at any time of the year than this is the one, adding “we should really call it an all-season tyre.”

4th October 2004/by Tyrepress Editors

Vredestein No.1 in Tyre Tests

Auto Express has completed its longest and largest ever test, confirming Vredestein as the number one, for the third year in a row.

The assessment put 16 different brands of tyres to the test, and nine different aspects of tyre performance were measured, including wet and dry braking characteristics, rolling resistance, cornering ability and resistance to aquaplaning.

The well-known motoring magazine described Vredestein’s Sportrac 2 as a “superb wet weather all rounder”. The tests confirmed that from a speed of 62 mph a car on Vredestein tyres stops quicker than any other and that on a wet road the Sportrac 2 beats the poorest performer by four car lengths.

“We are extremely proud that Vredestein tyres have again been shown to be the best quality tyre on the UK market,” commented Vredestein UK’s MD, Bert Stellinga. “It’s great to see the result of all the work that our engineers, our product development people and our partners Giugiaro Design have done in developing the Vredestein range of tyres.”

The magazine did not hide its surprise that the tyre, which performed so well in wet conditions could also perform well in the dry, writing: “It was a shock to see wet weather ace Vredestein at the top again.”

10th September 2004/by Tyrepress Editors

Vredestein Annouce £305.6 million Turnover

In the 2003 financial year the Vredestein group has generated a turnover of 305.6 million euros (£205 million) of which roughly 200 million euros (£134.3 million) stems from new tyre business, the company has said. With this turnover the Dutch tyre manufacturer achieved an EBIT of 18.6 million euros (£12.5 million) and net earnings of 9.1 million euros. Talking to Tyres & Accessories, Vredestein’s managing director Rob Oudshoorn, who is responsible for the tyre business of the group, said that the company would be as successful as its competitors this year. Mr Oudshoorn could not and would not give detailed business results.

30th August 2004/by Tyrepress Editors

Vredestein Tyres Claim Sales Growth

The European Rubber Journal has reported that Dutch tyre manufacturer, Vredestein Tyres BV, made a total of 305.6 million euros (£206.8 million) in sales during 2003. In addition Vredestein made “earnings” of 18.6 million euros (£12.6 million) from tyres. The journal also reported that Vredestein Tyres BV has 2103 employees.
The company’s press office has not been able to answer doubts that these figures only refer to the tyre division. Vredestein has said it is unclear where The European Rubber Journal obtained its information, as the fact that the company is not listed on the stock exchange means it no longer publishes any business figures.
The reason for all the secrecy is also unclear and the fact that the company refuses to confirm or deny whether the year has been successful suggests there is a reason for its silence.

19th August 2004/by Tyrepress Editors

The Aftermarket Show 2005

The Aftermarket Show returns to the NEC from 13-16 January 2005. Organiser Haymarket Exhibitions says the event will give a high profile to suppliers from the tyre, wheel, accessory, consumables, parts, electrics and garage equipment sectors.

Last January’s inaugural show attracted more than 24,500 dedicated trade visitors, part of a combined total of 91,000 business and motorsport enthusiasts who visited the show and sister attraction Autosport International.

The Tyre Industry Council (TIC) will again sponsor the tyre sector of the show, which will aim to attract interest from a broad cross section of manufacturers, wholesalers, equipment and services suppliers. Dutch manufacturer Vredestein has already confirmed its return in 2005.

TIC secretary Peter Taylor said: “We are working with Haymarket to develop a number of innovative concepts that will appeal to specific sectors of the industry. The response to the first show in January was very encouraging, which makes 2005 a real opportunity to create an exhibition that delivers something new, exciting and valuable to the trade.”

The Aftermarket Show – Exhibitor Contacts: Tel: +44 (0)207 267 8300 www.theaftermarketshow.com

15th June 2004/by Tyrepress Editors

Vredestein: Two years with Bert Stellinga at the helm in the UK

Product News, UK News

Bert Stellinga has now been installed at Vredestein’s Wellingborough UK headquarters for two years. In that time Vredestein have launched new high performance tyres and taken steps to develop the brand awareness in the enthusiasts market in the UK, whilst at the same time developing their share of the agricultural tyre market. It has very much been steady as she goes for the Dutch tyre manufacturer.

Bert Stellinga told T&A that the UK is a major market for Vredestein and that progress was being made in both the UK and the Irish markets. However, to get a better picture of the company it was important to understand the wider position of Vredestein as an organisation.

2003 saw Vredestein’s year on year sales on the increase and the company managed to record a profit, very close to that earned in 2002. During the year there was also a stock reduction exercise which released funds and made the whole business more profitable. “The fact that Vredestein is making a profit,” says Stellinga, “enables the company to invest in people and product, to develop new services. For instance, in some markets in the European Union we have our new Internet Ordering facility in place. This allows customers to access stock records, place orders and arrange delivery on line, at their convenience. The strength of being in profit also allows us to develop our marketing with advertising and of course attendance at events such as the Autosport International Exhibition.

“One of the biggest developments for the company last year was the return to private ownership. Having removed the obligation to the shareholders that put the company in a position where it could increase its flexibility and invest in research and development. At present we are in a transitional period but the move will have positive consequences in the future. This will be seen in the investment in new lines this year with a new winter tyre arriving later in 2004.”

One question that arises about Vredestein is its ability to stand alone. Other smaller manufacturers are working together with off-take agreements to fill capacity, or enable ranges to be extended. There is a deal of technology exchange and shared product development. As an independent, manufacturer can Vredestein continue to develop its own products as a stand alone business?

“Vredestein is very much a self contained operation and I don’t think that we would envisage such close co-operation with competitors. Our own R&D facility swallows a considerable element of the finance budget but we need to develop products that the market appreciates and wants. We produce niche products that appeal to specialised markets – Sportrac and Ultrac are the only designer tyres in the world and our cooperation with Giugiaro Design is proving to be very successful, for instance. We do not need vast volumes because we are selling premium quality products where we can maintain good prices for everyone in the chain. We do not deal with OE in passenger car tyres, so we can survive on our limited capacity. Our OE market is strictly agricultural and again, we offer a premium brand tyre to a specialised market,” says Bert Stellinga. “We are determined to go it alone and I can’t see any reason why we shouldn’t.”

21st May 2004/by Tyrepress Editors

UK Agricultural Tyre market: a steady decline but still good business

The Agricultural tyre sector in the UK has had a tough year. It began with the aftermath of Foot and Mouth. There was an extremely wet start to the year. Then a prolonged dry period – the driest – if not the hottest – in 25 years.

Wet weather usually means more sales for the agricultural sector, but too much rain just stops the market in its tracks – no pun intended. That was the case early in the year. When the weather turned dry the public lapped up the sunshine and the long dry spell, but farmers anticipating the traditional UK summer were faced with their own dry weather difficulties.

However, tyres and traction were not amongst their troubles. Dry fields do not create traction problems and the agriculture sector stretched the mileage of existing tyres well beyond their expected lifespan. The result has been a drop in the overall market of something around 10 per cent.

The wider agricultural market is dominated by Michelin, Goodyear, Continental and Bridgestone in the UK – with the big players accounting for around 60 per cent of the market. Although just how big the market is no-one can say. That 60 per cent represents almost two thirds of the premium brand tyre market. It does not include the figures of the budget brand sector. As with the car and truck sectors there is no hard evidence to confirm the sales figures at the bottom end of the market. Asking tyre companies about market share results in a sum that is greater than the whole. But general consensus places Michelin group at the head of the market, followed by Goodyear Dunlop, then Continental and Bridgestone followed by Trelleborg/Pirelli and Vredestein.

In order to sell tyres it is, in every sector, important to know who, or what, the customer is and what is being sought. It might be a fair assumption to say that the farmer expects tyres to do the job they are asked to do. That, in itself, is open to interpretation. The contractor may be keeping an eye on the slip meter in the cab and be watching for the point of diminishing returns from a set of tyres; changing them at the point when they become inefficient for his purposes. Another farmer using the same tyres may take a different approach, saying that so long as they hold air they will stay on the tractor. Somewhere in-between there are those who only change tyres when they are damaged beyond repair – they may change the tractor at the same time as the tyres. In marketing tyres to the top end of the agricultural sector though, there must be an assumption made that the people prepared to pay the premium price for a leading brand tyre must have some concept of tyre management and an eye on productivity and efficiency.

28th January 2004/by Tyrepress Editors

Vredestein signs up for Tyre ASI

Vredestein UK has signed up to exhibit at Tyre ASI, the UK exhibition being held at the NEC this January. It is an integral part of the Aftermarket Show and runs alongside Autosport International. The visitor profile was a major factor in Vredestein’s decision and the company’s stand will feature the Giugiaro Design Aston Martin 2020.

29th October 2003/by Tyrepress Editors

Vico Now Holds 96.8 Per Cent Of Vredestein Shares

The Vredestein Investment Consortium (Vico) has increased its shareholding in the Dutch company from 61.2 per cent to 96.8 per cent, following an offer tabled in August, to purchase Vredestein shares for 7.5 Euro. The tender period officially closed on 24th September, by which time Vico has purchased 3,035,594 shares, bringing its holding to 8,265,581 shares. Despite the ending of the tender period, Vico will still buy shares up to 15th October. The listing of Vredestein shares on the official market of Euronext N.V. will be terminated on 24th October.

1st October 2003/by Tyrepress Editors

Vredestein Tops In Auto Express Test

The Vredestein Hi-Trac came out tops in the annual tyre test conducted by motoring magazine Auto Express. Ten H-rated tyres were put through a demanding series of wet and dry handling tests and the Hi-Trac emerged in first place, narrowly ahead of the Continental ContiEcoContact3 and the third-placed Toyo Roadpro R610.

9th September 2003/by Tyrepress Editors

Vredestein fire damage limited

A fire at Vredestein’s raw materials warehouse at Enschede on Friday 22nd August was quickly brought under control by local fire brigades and the company fire brigade and personnel. As a result both the Vredestein production shop and the warehouse were saved and deliveries will not be affected.

27th August 2003/by Tyrepress Editors