ENSCHEDE, Netherlands (Nov. 21) — 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 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 operation 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.