MOSCOW (March 28, 2008) — Amtel-Vredestein N.V. has sold the land and buildings associated with its wholly owned subsidiary CJSC for $77 million to Midland Resources Holding Ltd., a property development company.
Amtel-Vredestein said it still is considering what to do with the equipment within the factory, known as Moscow Tyre Plant-M, and might sell or relocate it to another of its factories. The company intends to use the proceeds from the sale to reduce its debts.