Holding company Amtel (Moscow) and Finnish tyre producer Nokian Tyres Plc signed a preliminary agreement on Tuesday. As the Amtel press-service announced, a joint enterprise will be formed in accordance with the agreement for the production and distribution of Nokian tyres in Russia and the CIS. It's intended that the final agreement will be signed in the autumn of 2002.
The enterprise, which is to be named Amtel-Nokian Trading will produce tyres in Russia under the brand name Nokian, with a production potential of 3 million tyres per year. The distribution of the tyres will begin in Voronezh in 2004. USD 110 million is to be invested into the new company. Between 60% and 70% of this will be borrowed.
The Amtel holding company produces tyres in the CIS. In 2001, the Amtel group sold around 11 million tyres. The holding company incorporates the Kirov Tyre Factory, the Krasnoyarsk Tyre Factory, the Rosava joint venture (Ukraine), and companies producing raw materials for tyre production: the Volgograd Technical Carbon Factory, Khimvolokno AMTEL-KUZBASS, the Chernigovsk Company Khimvolkno (Ukraine) and the Volgograd Staleprovolochnokanatni Factory.
Nokian Tyres Plc was founded in 1898 and is the largest tyre producer in Scandinavia. The company's most famous product is the Nokian Hakkapeliita Tyre, produced since 1936. The company develops and manufactures summer and winter tyres for cars, heavy vehicles and bicycles. In 2001, Nokian Tyres Plc had 2,664 staff and sales amounting to EUR 423.4 million.
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